One of my recent cases came to Enness through an introducer, who thought we might be able to help in tricky, time-pressured circumstances. I managed to secure a very fast mortgage for a foreign national, despite them being paid in a foreign currency and having no ties to the UK.
My clients in this instance were two Indian nationals. They were living and working in Singapore, and were looking to purchase a buy to let property in the UK.
Although neither had any family links to the UK – nor any credit footprint or track record in this country – the lure of London property as an investment opportunity had caught their attention. The capital’s bricks and mortar remain an appealing prospect for overseas investors.
My clients had settled on a new build house in North London with a purchase price of £1.1m, and wanted the highest loan to value (LTV) they could get. This is a challenge for foreign national mortgages, as lenders prefer borrowers to be putting down a large deposit to ensure they have a vested interest in the property.
Both worked for a large multinational bank, which is an advantage when it comes to foreign national mortgages as lenders treat income from an international body as more secure.
A quick turnaround was their main priority. The developer had initially offered them some new build incentives, agreeing to pay a portion of the stamp duty. However, more and more interest was being drummed up and the developer had since received several enquiries about the property. If we couldn’t secure a mortgage offer within 3 weeks, he was going to put it back on the market.
Time was therefore of the essence. I approached an international bank which had offices in both Singapore and London. Their dual location meant they were able to certify documents overseas, minimising hassle for my clients and speeding up the process considerably.