UK Bitcoin investors denied mortgages, report

UK investors are struggling to secure mortgages with Bitcoin gains

UK Bitcoin investors denied mortgages, report
UK investors are reportedly facing issues acquiring mortgages with Bitcoin profits, as banks refuse or are unsure how to deal with funds derived from cryptocurrency, according to Bitcoinist.com.

Bitcoinist.com – a news website that claims to be the ultimate resource for Bitcoin investors and a prime source of information on Bitcoin, digital currency and block chain technology – said some UK banks appear to be showing a reluctance to deal with Bitcoin profits.

Another complicating factor appears to be a lack of understanding of cryptocurrency in the mortgage industry in general.

Broker Mark Stalled, of House and Holiday Home Mortgages, said: “The first mortgage lender I rang asked me what a cryptocurrency was. I rang two other lenders and they said they would not touch it.

“When I mentioned where the money had come from there was massive reluctance to help or understand the problem. I do not believe the mortgage providers in general are ready for this issue and research tells me that a lot more people will be knocking on our doors with funds made or raised in this fashion.”

Several building societies said they would not accept deposits derived from cryptocurrency, while banks including Santander, Nationwide, and Aldermore said they had no formal policies in place, Bitcoinist.com reported in a statement.

Nationwide previously made headlines in the cryptocurrency space when it was announced that Coinbase would no longer be accepting deposits from the bank.

Not all mortgage lenders in the UK have adopted anti-cryptocurrency policies, Bitcoinist.com added.

Several lenders, including The Coventry Building Society, Skipton, and The Yorkshire Building Society do accept deposits derived from bitcoin profits although they generally require extensive audit trails and proof of identification to establish provenance.

Bitcoin investor Max Wilde said: “Cryptocurrency has become the cash grab of our generation. There are a whole group of over 50s who don’t understand what cryptocurrency is and went from laughing at it to being worried by it and assume that in some way it’s dodgy or illegitimate. It’s ludicrous.”


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