Lloyds international mortgages
Death knell to sound for Lloyds International mortgages?
Lloyds Banking Group appears to have completed their review of their international mortgage lending activities which was started last August. The bank suddenly stopped accepting applications and refused all active applications while it conducted a review of its lending operations. Shortly afterwards, BM Solutions, also owned by Lloyds, issued a similar statement to broker partners. This week, a spokesman for the bank confirmed that residential mortgage lending to expatriates hoping to buy in the UK was unlikely to restart, with staff being redeployed.
Although no formal confirmation has been issued by the bank, telephone calls to the mortgage section are going unanswered, suggesting it has been closed down.
The demise of Lloyds is a bitter blow for overseas buyers everywhere, as it now means lenders such as Bank of Scotland International, C&G, BM Solutions and Lloyds themselves are no longer active in this important market. It is generally recognised that in the London market alone, overseas buyers account for a substantial share of all purchases. The Knight Frank International Residential investment in London Report, released this month, highlights overseas buyers who purchased central London new-build property with a value of £2.2 billion in 2012, up 22% from £1.8 billion in 2011. According to Knight Frank, a total of 52 nationalities bought new-build property in central London last year. The most active overseas buyers (ranked by number of transactions) of central London new homes are from Singapore (23%), Hong Kong (16%), China (5%), Malaysia (4%) and Russia (3%).
Commenting on the changes in the market, Tim Harvey, managing director of international mortgage broking specialists offshoreonline.org commented, “These two pieces of news are hard for anybody in the international mortgage borrowing community to reconcile. Whilst we continue to see a stream of good quality expatriate mortgage enquires from UK and other nationalities around the world, the reaction of one of the largest lending groups in the market has been to withdraw, so significantly affecting choice. We are hopeful that new, more imaginative lenders will react to what is traditionally a very high quality lending market for banks.”
« Back to News
Latest News
- UK Housing asking prices see smallest February increase on record
- Optimistic signs in expat buy to let market as mortgages rates fall and prices stabilise
- Expat UK property investing: Three positive signs, thinks broker
- Expat buy to let market still strong after two rate rises, says broker
- Recovery and strength in the UK housing market for 2022?
- Expat broker optimistic on post Covid UK buy to let housing market
- Broker warns over mortgage payment holidays
- Buying UK buy to let property after lockdown – expats will have the upper hand, thinks broker
- Expat lenders react to keep expat mortgage deal flowing during COVID-19 crisis
- Coronavirus impact on UK housing might be short lived, thinks expat mortgage broker
- Getting a mortgage whilst living abroad or getting a mortgage after you have moved abroad.
- What Happens when my UK Expat Mortgage Expires?
- Buy to let bargains abound, thanks to Brexit effect, thinks broker
- Expats increasingly vulnerable to new build deposit loss
- UK house hunters lead 6% growth in French non-resident property transactions
- Expat Buy to Let Mortgage Rates Cut Again
- Brexit fears give expats the edge, as UK buyers shun property
- Mortgage tax changes in Spain help buyers
- Expat mortgage broker predicts banks will not pass on full Base Rate rise to mortgage holders.
- Falling Expat Mortgage Interest Rates and Weak UK Housing Market Favour Expat Buyers
- UK property beats pensions, says UK official study
- Taxes for UK expat landlords might not be so hard after all
- Why a sinking pound need not scupper your French property dream
- Is it time to add UK university fees to your expat mortgage?
- Resurgent Spanish property market prompts new mortgage launches
- The new landscape for UK property investors – still good value
- New UK Buy To Let Rules Will Impact Expat Property Buyers – 2017
- UK rent rises continue to outstrip inflation, expat buy to let remains popular
- UK Stamp Duty hike not as harsh as first feared for expat property buyers
- Do I qualify for expat or international mortgages?
- Brexit need not harm the expat mortgage market, thinks Offshoreonline
- UK stamp duty changes, capital gains tax changes will impact expat buy to let investors, so start planning your checklist now
- Booming London property rents continue to attract expat buy to let landlords
- New UK Stamp Duty Won’t Dent Appeal of Buy To Let Mortgages For Non UK Residents
- QE spells heaven for overseas property buyers in Europe
- Thinking about buying a house in 2015? For expats, the signs are good
- UK property prices on the up in 2015 good news for expat buyers
- UK Stamp Duty changes – the winners and losers
- French expat euro mortgage rates fall again
- New house price index to make life easier for French euro mortgage house buyers
- New Spanish government figures point to gentle housing market recovery
- Buyers forced out of London by spiralling property prices have helped fuel a 10% annual rise in asking prices in the south-east – a rate that has now outstripped inflation in the capital.
- UK student loans – plan now for flexibility
- Landlords enjoying “record income from letting
- French euro mortgage rates fall again
- Mortgage lending up as UK house prices settle
- Brit buyers bounce back!
- Thinking of buying a house in France? Prices have just dropped 10%
- Fixed rate UK international mortgage demand to rise, as regulator confuses
- UK property prices still rising strongly, but location the key
|