Nearly 6,000 local bank branches closed since 2010

by Aaron Strutt

Oct 19 2018

Nearly 6,000 banks and building societies have shut since 2010 according to an analysis of Office for National Statistics (ONS) data by the BBC.

The figures show that 13 million people live in areas where at least half of the branches have shut since 2010. There are also 63 parliamentary constituents with fewer than five ATM's per 10,000 people.

Aaron Strutt, product director at Trinity Financial, says: “Many borrowers used to book appointments with the mortgage advisers at their local branch to secure a mortgage, but the lenders are turning to the broker market to increase their lending volumes.

“Some of the banks and building societies receive over 90% of their mortgage applications via brokers so they do not need as many in branch advisers to submit applications.”

Many of the branches have closed as people use online banking platforms and contactless payments rather than traditional banking services.

Even though many older people and customers living in rural areas are not happy with the closures, the lender's tell us people are less reliant on cash and increasingly purchase goods and services online.

A UK Finance spokesman told The Sun that visits to bank branches have fallen by a quarter since 2012 and "bank branches play an important role in local communities which is why decisions to close them are only ever taken after all other options, like reducing opening hours and staff numbers, have been exhausted."

Call Trinity Financial on 020 7016 0790 to speak to an adviser and secure a mortgage