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Lehman Brothers says it’s committed to UK mortgage market

Lehman Brothers says it remains committed to its UK mortgage operations following the news that it will shut its US sub-prime mortgage subsidiary BNC Mortgage.

The investment bank owns SMPL, Preferred and London Mortgage Company in the UK.

Lehman Brothers announced today that it would be closing down BNC Mortgage, cutting 1,200 jobs across 23 US locations.

A spokeswoman says: “At the moment we’re committed to our mortgage business in Europe. We’re planning to install new technology this year for our UK operations and we will be opening new facilities in the Netherlands. It’s a time of commitment from us.”

She adds that the US and UK are two very separate businesses for the group but that it would be monitoring the market and its products like everyone else in the UK market.

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