29 Jul

Expert: The UK mortgage market may change forever

Expert: The UK mortgage market may change forever

Mortgages in the UK could be about to undergo a radical change, if the comments of one foreign exchange specialist are to be believed.

With overseas banks, from destinations as diverse as China, Israel and Sweden, moving into the UK mortgage market hoping to court the business of property owners, better deals for consumers could soon become available.

Mark O'Sullivan, director of trading for Currencies Direct Limited, has said that if the market were to start again, with fresh products and new competition, in three to four years time 25 per cent of mortgages could be written by Chinese banks.

"It may be that this is kind of a watershed," he said. "Maybe the mortgage market in the UK will change forever."

Meanwhile, the Bank of China recently announced that it was offering variable rate mortgages to first-time buyers, homeowners and customers based in the UK who want to remortgage.

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