View more on these topics

Singapore bank suspends loans on London homes

Barclays-HSBC-Canary-Wharf-London-700.jpg

The third-largest bank in Southeast Asia has suspended loans on London properties following the Brexit vote.

Singaporean lender United Overseas Bank said it would temporarily halt loans for properties in the capital as a result of in uncertainty caused by the UK vote to leave the European Union, according to Bloomberg.

In an email, a spokesperson for the bank reportedly said: “As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments. We are monitoring the market environment closely and will assess regularly to determine when we will re-instate our London property loan offering.”

Other Singapore lenders DBS Group Holdings Ltd and Oversea-Chinese Banking Corp., said they continue to lend money for London purchases but urged buyers to proceed with caution.

Tok Geok Peng, DBS’s executive director of secured lending, said in an email: “For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks.”

Recommended

UK-Houses-Home-Mortgage-700x450.jpg

Family Building Society cuts rates on fixes, offsets and low-starts

The Family Building Society has cut rates on its three- and five-year fixed rate family mortgages, as well as its offset and low-start mortgages. • The new three-year fixed rate family mortgage is 2.99 per cent until 30th November 2019 (down 0.35 per cent from 3.34 per cent). • The new five-year fixed rate family […]

George-Osborne-in-Television-Studio-700.jpg

Osborne rules himself out of Tory leadership race

Chancellor George Osborne says he will not compete in the Conservative leadership battle. Writing in The Times this morning, Osborne says he accepts the results of the EU referendum but that he cannot give “unity” to the Conservatives. He says: “As for my own future, I will not be a candidate in the Conservative leadership […]

TSB store front 700 x 450

TSB to increase BTL interest covers to 145%

TSB is increasing its buy-to-let interest coverage ratio from 125 per cent to 145 per cent. For loans up to 65 per cent LTV, TSB will charge 145 per cent of five per cent, or pay rate, whichever is highest. For mortgages from 65.1 to 75 per cent LTV, TSB will require 145 per cent […]

Strong dollar can be a powerful driver of UK dividend growth in 2015

By Robin Geffen, fund manager and CEO 

This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar. 

In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.

Thumbnail

Under the radar – Fit for Work and sickness absence

Earlier this month we sat in on a presentation delivered by the Fit for Work service, and this session did highlight one small but important change to the offering that we must admit had slipped under our radar. The Sickness Absence Review published in 2010 suggested that the Independent Assessment Service (now branded Fit for Work) should have three access points; referral by […]

Newsletter

News and expert analysis straight to your inbox

Sign up