Working with expats and foreign national clients is a speciality of Enness Mortgages. I recently secured a UK mortgage for a European passport holder with no recent residential history in the UK, as he had been working as a Managing Director for a hedge fund company in Hong Kong. He was now looking to purchase a second residential property for his wife and kids to move to in the UK, and had located a home in south London valued at £1million.
My client and his wife had already received terms from another broker, but a previous client of mine recommended they approach Enness and see if we could secure them more favourable terms. The terms from the previous broker were already good, so I knew I would have to improve the lending terms to better suit the customer.
I felt confident I could do this; I have worked with a lender several times in the last year who is extremely flexible with international borrowers, providing they are the right sort of client. This lender can offer high loan to value (LTV) mortgages whilst not requiring any client assets to manage.
After outlining my client’s strong income and excellent record to the lender, I negotiated for similar terms as quoted by the other broker, but at a higher LTV and without any assets under management (AUM).
This meant the client had to put up less capital for the deal, something that many borrowers are keen to achieve. He was also pleased not to have to place any AUM, as his job role meant he was confident he could invest his own wealth more successfully than a bank might.
I secured a rate of 3.46% fixed for 2 years, on a capital and interest repayment basis. This was suitable for my clients as they hoped to repay the loan within 15 years. Arranging a UK mortgage for a European passport holder with no residential UK history can be tricky, but as this case shows, it is completely achievable—get in touch if you’d like to know more.