30 Jun '16, 3pm

Singapore bank stops #mortgages for UK #property due to market uncertainty following #EURef

Singapore bank stops #mortgages for UK #property due to market uncertainty following #EURef

A leading bank in Singapore has stopped giving mortgages for property purchases in Britain because of market turmoil and political uncertainties caused by the vote to leave the European Union. In a blow to the UK property market, United Overseas Bank (UOB), south-east Asia’s third-largest bank, announced that it is temporarily refusing to accept applications for loans for property purchases in London. “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,” a UOB spokesperson said. “We are monitoring the market environment closely…

Full article: http://www.thetimes.co.uk/edition/business/singapore-bank...

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