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Are foreign mortgage lenders entering the UK market?

While mortgage lending in the UK is down by 26% year-on-year and there has been a marked reduction in the number of mortgage lenders operating in the country, it would appear that foreign mortgage lenders are making a play for the UK market while it is at its weakest for some time. So what is going on?

Official figures show that while mortgage lending is down sharply in the UK on a year-on-year basis, banks from the likes of China, Sweden and Israel are now making a major play for a slice of the UK mortgage pie. Even though mortgage providers have fallen in number in the UK there are now more foreign mortgage lenders than for some time amid signs that many may be using the ongoing weakness as a potential opportunity to make a base in the UK.

There is no doubt that the UK mortgage market is one of the most developed in the world and the UK property sector has been in the higher league of property markets for some time. Unlike many countries around the world the UK is predominately a home ownership country as opposed to rental which has created a stream of would-be home buyers in good times and bad times. Many believe there is pent-up demand waiting for the opportunity to snap up a bargain as and when UK mortgage liquidity improves.

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