Specializing in mortgage lending the British company denied bitcoin investors in the provision of mortgages because they do not consider cryptocurrency legitimate source of income and fear of violations of the AML legislation. It is reported by the Financial Times.
Over the past year, many investors got rich in the exponential growth of cryptocurrencies, increasing its capital by 1000-1500%. A significant proportion of these are young people who are digital assets has provided an invaluable opportunity to acquire real estate.
Lenders, however, require a formal confirmation of the legal origin of funds and does not believe the cryptocurrency capital sufficient basis for issuing the mortgage.
Executive Director, Association of mortgage intermediaries Robert Sinclair is convinced that the problem of laundering of money through cryptocurrency is the key, because it is almost impossible to determine the nature of the initial investment.
The expert mortgage lenders John Charcol Rob Bulgar emphasizes that bitcoin investors should wait at least six months after the establishment of Bank accounts, as lenders usually request Bank history for this period.