Financial Times - Foreign workers could be squeezed out of UK mortgage market
Professionals living in the UK but paid in a foreign currency will see their mortgage options shrink under European Regulations due to come into effect next year.
Big earners will be less affected by the reduced competition, brokers said, since they are more likely to seek loans through private banks.
However, there is an “unfortunate middle ground” of staff who would not have sufficient income or assets to qualify for a private bank, said Aaron Strutt, product director at broker Trinity Financial. “They may not be able to get a mortgage with the high street lenders if these lenders keep pulling out.”
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