|RBS and NatWest stop lending to expats|
|10 June 2016 |
The lender told Mortgage Strategy: We regularly look at the demand for our products from customers and balance this with the costs and complexity of providing them safely to customers. In this context we have come to the decision to stop offering new lending to expat customers.
The Guardian speculates that the change is a result of the new European regulations on home loans, which come into force on 21st March 2016, making the process more complex for lenders.
Expat mortgages were once commonplace, but have gradually dried up over recent years. In 2012, Lloyds Banking Group suspended expat mortgage services.
Mortgage broker Enness Private Clients says It is very disappointing to see yet another high street powerhouse turn its back on hard-working British expats. We suspect this is as much a function of too much business coming its way as a result of the steady stream of lenders closing their doors probably compounded by the effects of the European mortgage credit directive in March.
Nonetheless, demand remains strong, with financial consultants at the deVere Group saying last year that interest from overseas-based clients had risen in recent years. In response to the demand, deVere United Kingdom launched a new, standalone brand to drive further in to the mortgage market: deVere Mortgages.
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