NatWest and RBS will no longer offer mortgages to expatriates from 19 May.
This will include applications from existing expat customers wanting to request additional borrowing or a facility increase.
In a statement, the lenders said that they “regularly look at the demand for our products from customers and balance this with the costs and complexity of providing them safely to customers. In this context we have come to the decision to stop offering new lending to expat customers.”
Therefore, from 19 May onwards, applicants must be resident in the UK to be eligible for a mortgage with NatWest and RBS.
Applications will still be considered from serving members of HM Armed Forces, UK Diplomats or UK Consular staff, following standard residential mortgage criteria. HM Armed Forces consist of the Royal Navy, Royal Marines, British Army and Royal Air Force.
This change does not affect the lenders’ approach to foreign currency mortgages, where an applicant might reside in the UK but be paid in a non-Sterling denominated currency. As long as they are resident in the UK they are eligible to apply for a mortgage with NatWest and RBS.