The banking subsidiary of world-renowned department store Harrods is planning to launch into the broker market.
Harrods Bank lends to its existing investment customers but wants to expand by lending through brokers. It is expected to launch within a month and has hired former Saffron BS head of mortgages Peter Izard as head of intermediary mortgages.
The bank currently provides mortgages on variable-rate interest terms for both residential and buy-to-let loans, as well as offering personal loans, overdrafts and deposit accounts for clients and businesses.
It is not known how much Harrods plans to lend through brokers or which brokers it will choose to do business with. Harrods Bank was unavailable for comment.
Trinity Financial product and communications manager Aaron Strutt says: “Harrods is a great brand but there are a lot of other good brands in the private banking world so it would have to offer something good to attract high-net-worth clients.”