(Bloomberg )– Coutts & Co., the private U.K. bank that counts Queen Elizabeth II among its clients, has actually warned customers within the European Economic Location that it can no longer provide them home mortgages due to Brexit.The loan provider,
owned by Natwest Group Plc, will lose so-called passporting rights that permit it to operate freely within the EEA if the present Brexit transition period expires on Dec. 31 with no official arrangement in between the European Union and the U.K., according to an email to customers seen by Bloomberg. As the U.K. last month ignored a deadline to extend the transition period, the bank has stopped accepting financing applications from the EEA, it said.The EEA bloc includes all EU countries along with Iceland, Liechtenstein and Norway.Coutts is composing to
a small number of customers impacted by the changes to permit them time to make alternative banking plans, a representative for the bank stated by email. The lender stays dedicated to worldwide clients outside the EEA and within the U.K., the spokesman said.Britain and the European Union are”not likely
“to reach a free-trade agreement by the end of the year unless the U.K. softens its needs, Michel Barnier, the bloc’s chief negotiator, stated last week. If the two sides fail to strike an accord, the U.K. will deal with the greatest upheaval in its relationship with its biggest trading partner in a generation as tariffs and quotas are reimposed.The variety of Europeans buying homes in London is currently falling due to Brexit, according to Rob Perrins, president of Berkeley Group Holdings Plc, the city’s largest housebuilder. Buyers from the continent account for about 1%of the business’s sales, below as much as 5%formerly, Perrins stated in June.(Includes homebuilder comments in sixth paragraph )For more short articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most relied on organisation news source. © 2020 Bloomberg L.P.