BITCOIN: Fund Raised From Cryptocurrency Rejected By Some Mortgage Lenders

BITCOIN: Fund Raised From Cryptocurrency Rejected By Some Mortgage Lenders
Business

Fund raised from bitcoin is being rejected by some mortgage lenders as cryptocurrency investors intend to get on the housing ladder.

Some main banks refuse to take profits realized from bitcoin even when they’ve been converted to sterling among fears the capital will violate anti-money laundering regulations.

Mark Stallard, a broker and head at House and Holiday Home Mortgages said a public sector staff had accumulated to about £40,000 after investing in bitcoin for a deposit.

But He was not able to get a loan from a bank, the fact that the funds were raised from cryptocurrencies.

Mr Stallard said: “When I told them where the money came from, there was huge reluctance to assist or understand the issue.

“I don’t think the mortgage providers generally are prepared for this problem and research tells me that many more people will be knocking on our doors with money made or raised in this fashion.”

At the time cryptocurrencies are not controlled by central banks. Some major banks Santander, Nationwide and Aldermore inclusive have all stated their unacceptance of deposit derived from a cryptocurrency.

The Building Societies Association said: “ At this time, there’s no regulation of these electronic currencies, which has placed them in the highest risk category in relation to money laundering. In addition, it is widely known that such currencies are popular with criminals, who make use of them to launder the proceeds of crime.”

Read alsoBITCOIN WARNING – Your Wallet May Be Emptied And Not Be Revoked, Here’s How To Prevent It

However, it doesn’t say in the UK mortgage regulation that making use of sterling proceeds from cryptocurrency transactions as a deposit is not accepted.

Coventry Building Society, Skipton and the Yorkshire Building Society have stated they would take deposits earned from bitcoin.

Bitcoin investor Max Wilde said: “Cryptocurrency has been the cash grab of our time.

“There are a whole category of more than 50s who do not understand what cryptocurrency is and went from giggling at it to being concerned by it and pressume that in some way it is dodgy or illegal.”

As at Wednesday 18-Jan-18, 6.34pm, Bitcoin was worth $11,924, now it’s worth $11,567.

 

Credit: Express.co.uk

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