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28/07/2009
Property lawyer demand tipped for possible overseas boost |
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The UK mortgage market may be set for a boost not from an increase in lending from UK banks, but by a rise in the number of overseas providers of home loans, it has been suggested.
Such a prediction was made by Mark O'Sullivan, director of trading for Currencies Direct, who stated that "at the moment the mortgage market is controlled by the big four", with a fall in the number of products they are offering meaning the market has been "decimated".
However, he noted, the arrival of new lenders such as the Bank of China could make the market "change forever" and prompt the established British lenders to be more competitive.
Those keen on getting a mortgage and buying a house at the moment may wish to see a property lawyer.
According to a report in the Times, the Bank of China is offering mortgages of up to £1 million and has been joined in the UK market by financial institutions such as Leumi from Israel and Sweden's Handelsbanken.
Written by Pauline Adams
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