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What does Brexit mean for me as consumer?

The United Kingdom officially left the European Union on Friday 31 January 2020, making Brexit official. What does that mean for financial products, such as savings accounts and mortgages?

What effect will Brexit have on my UK mortgage? Will I need to sell my house?

If you have taken out your mortgage in the UK with a UK mortgage lender or bank, Brexit will not automatically result in you having to repay your mortgage on or immediately after 31 December 2020.

We do recommend however that you contact your UK mortgage lender if you would like to receive more information about the potential consequences of Brexit for your current mortgage.

I have received a letter from my UK bank stating that my current account (and savings account) will be closed by the end of the year. How will I continue paying for my UK mortgage?

It is still possible to keep your UK mortgage while you live in the Netherlands. We advise you to ask your Dutch bank whether it is possible to open a foreign currency account (in GBP) with the bank. We would also advise you to ask both your UK mortgage lender and your Dutch bank about the costs of periodic payments of the UK mortgage (in GBP) from a Dutch account.

For questions regarding the rules for closing a current account / savings account, we refer to the website of De Nederlandsche Bank.

Will I have to pay off my UK credit card or a consumer credit loan on short notice, as a result of Brexit?

If you have taken out a credit card or loan in the UK with a British lender or bank, Brexit does not automatically mean that you need to pay off all your outstanding debt or cancel your credit card before 1 January 2021.

We do recommend however that you contact your lender if you would like to receive additional information about the potential consequences of Brexit for your consumer credit loan.

Can I still perform transactions on my investment account with a British company after 31 December 2020?

If you hold an investment account with an investment firm in the UK, it is possible that the firm will no longer be able to provide investment services in the European Union after 31 December 2020. The same also applies if you hold an investment account with a British company via a Dutch investment firm. This means that you will no longer be able to carry out transactions on your account, unless the firm obtains a licence in another EU Member State.

The AFM expects that British investment firms will inform their clients clearly and in good time about continuing their services after Brexit and the options available to you. If you have yet to hear from your broker, you should contact your service provider yourself. Your broker's place of business is listed in our register.

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