![]() ![]() ![]() Optimistic signs in expat buy to let market as mortgages rates fall and prices stabilise.UK Housing asking prices see smallest February increase on record.Green shoots appearing in UK property market, good news for expat house buyers.Why getting a mortgage in France is now so much easier for buyers from the USA than the UK.The 5 cheapest cities for first-time buyers.Falling house prices, high mortgage rates – should UK expats buy a house now?.Good news for expat UK house buyers, as expat mortgage rates start to ease.We are hopeful that new, more imaginative lenders will react to what is traditionally a very high quality lending market for banks.” 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. 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%).Ĭommenting on the changes in the market, Tim Harvey, managing director of international mortgage broking specialists commented, “These two pieces of news are hard for anybody in the international mortgage borrowing community to reconcile. According to Knight Frank, a total of 52 nationalities bought new-build property in central London last year. 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. It is generally recognised that in the London market alone, overseas buyers account for a substantial share of all purchases. 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everywhere, as it now means lenders such as Bank of Scotland International, C&G, BM Solutions and Lloyds themselves are no longer active in this important market. 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.Īlthough no formal confirmation has been issued by the bank, telephone calls to the mortgage section are going unanswered, suggesting it has been closed down. Shortly afterwards, BM Solutions, also owned by Lloyds, issued a similar statement to broker partners. ![]() The bank suddenly stopped accepting applications and refused all active applications while it conducted a review of its lending operations. Lloyds Banking Group appears to have completed their review of their international mortgage lending activities which was started last August. Death knell to sound for Lloyds International mortgages? ![]()
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