Expat-Mortgages

Mortgage lending by UK banks fell in June compared with May, whilst the
housing market is expected to remain low throughout 2010. The number of
mortgages approved fell to just short of 35,000, down from around 36,500 in
May and the average over the last 6 months of 37,000, according to the
British Bankers' Association (BBA). Having said that, net mortgage lending
was 4.1% higher than the same period last year. The drop in mortgage lending
arose despite the recent abolition of Home Information Packs (HIPS).
Uncertainty over job prospects and the impacts of fiscal tightening are
believed to be tempering activity in the market. The Bank of England this
week warned that supply of mortgage funds for the public might fall in the
next quarter. It said lenders feared they may not be able to raise as much
money as they need by borrowing from each other in the wholesale financial
markets.