Strict and Selective Options open
London, UK (Pryce Warner International) June 18th, 2012 – British Expats returning to the UK stand to face severe and decisive restrictions when applying to their banks for a mortgage, as most are currently refusing to give credit to those victims of the Eurozone crisis after its effects on exchange rates and real estate value in countries such as Greece, Spain and other EU counterparts.
Expats are typically subject to conditions and extensive scrutiny during any credit application with any given bank that often want such applicants to be back in the UK from between 6to 24 months, but in light of the recent EU activity, there are now just a few banks willing to entertain their business. NatWest and Halifax have been identified as the most viable options for Expats to approach.
Restrictions put in place by the banks include property having to be an Expat's main residence or that Expats must work for a global corporation; in some cases the specific country and its current economic climate could also prove detrimental to an Expat's mortgage application. Other banks even insist that the global corporation is listed on the stock exchange as well as having an EU-based office.
Wealthier Expats will find their mortgage applications to be easier than self-employed Expats will, with the latter being offered little hope from banking institutions. Beyond credit history and current employment checks, Expats are sure to endure a frustrating time upon their return to the UK and are advised to approach the international side of their banks operation and to plan ahead.
By Anthony Standring
Pryce Warner International Group
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