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RBS to stop lending to expats

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Royal Bank of Scotland will stop offering loans to expats later this month.

The change, which takes effect on 19 May and applies to both RBS and NatWest, means applicants must be resident in the UK to be eligible for a loan.

It also includes applications from existing expat customers wanting to borrow more.

The lender says: “We 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.”

Applications will still be considered from serving members of HM Armed Forces, UK diplomats or UK consular staff, following standard residential mortgage criteria.

Brokers have until 18 May to submit their applications.

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