I am a Belgian citizen living in the Netherlands. I have a Nationwide mortgage on a UK property and, like many, have recently been informed that my current account will be closed on 31 December due to Brexit.
However, it is still unclear what will happen to my mortgage. Direct questions from my side about whether it will have to be settled have been answered with the unhelpful statement that this is currently being reviewed.
BD, Munstergeleen, Netherlands
The belated news that customers of some UK financial institutions will lose their accounts if they live in certain EU countries has caused widespread alarm. Banks and building societies seem to have been as much in the dark as their customers as they sought to tease out obscure regulations peculiar to each EU state.
Nationwide told me it has been awaiting clarity from the Dutch financial regulator and has since confirmed that, although it will no longer be licensed to provide savings, current or credit card accounts in the country after the end of the year, your mortgage can continue, provided the direct debit is paid from a bank account licensed by the Dutch regulator.
It said it was still unclear whether it would be forced to close customer accounts in other member states.
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