Lloyds Banking Group has revealed that it has suspended the part of its business that deals with expat mortgages, which will not affect existing customers.
Explaining its decision, Lloyds said that it was undertaking a review of this service, offering no further details as to how long it would take. All applications received beyond November 8thwill not be accepted.
The blanket suspension – including Halifax and BM Solutions subdivisions – follows the now indefinite discontinuation of its international mortgages earlier this year in August.
Speaking to Mortgage Solutions, Geoff Simmonds, head of operations at Connect Overseas, an international mortgage provider, said that this would leave a significant gap in the market.
However, there are options available to international movers, beyond Lloyds. Mr Simmonds commented that NatWest, the only other real big player in this market, is one choice, adding that there are smaller alternatives as well.
He concluded: “Broker enquiries for expat mortgages have actually been increasing in recent years, so perhaps there is an opportunity for another big bank to enter the market and take some of this business.”