Overseas Borrower – Buying UK Property with a Mortgage
It is estimated by a leading “Think Tank” that around 10% of all UK housing stock is owned by clients based overseas, many of which will be financed by way of a mortgage facility. Property purchased in the United Kingdom by International buyers are at record levels at the moment, a trend which is likely to further rise.
Although our clients come from all over the world we generally help the Overseas Borrower or Investor looking to buy a property in the United Kingdom only.
We also help Expats looking to buy a property in the United Kingdom for family to live in or rental purposes. If you are an Expat then please click here to see our offerings!
Overseas Borrower – Mortgages for Non UK Residents
This section of our website is focussed on the Overseas Borrower or Foreign National who wants to:
- Buy one or more properties in the UK with the aid of a UK mortgage. First time buyers and first time landlords accepted.
- Refinance an existing property already owned which is situated in the UK.
- Borrow additional money on a UK property already owned by way of a further advance or second charge.
- Bridging finance can also be arranged for the overseas based borrower. This is suitable for an individual or a company that wants to invest in the UK property market.
As well as mortgages on UK residential property, we can also help overseas borrowers raise commercial mortgage finance on commercial property. We have had successes with clients wishing to purchase care homes, fast food outlets as well as small units for manufacturing and storage.
Why Invest in the UK Property Market?
The United Kingdom attracts many overseas investors looking to buy property because historically the UK property market is incredibly strong and confidence is high. Although not guaranteed, the possibility for capital growth over the long term remains predictable and rental yields are more than respectable.
In addition, the mortgage and financial services industry is highly developed with clients receiving first class advice which is protected.
Most overseas investors see the UK as a stable place for property investment because there may be limited scope for investment at home. Interests rates are quite low in the UK which means that borrowing money compared to home could be much lower depending on country of origin.
London is a strong place for investment but so are other cities in the UK which is why the savvy investor also considers outside of the capital city for suitable property investment.
Taking all of this into account we will always suggest that you seek independent legal advice as well as independent taxation advice to compliment the mortgage advice that you will receive from us.
Who is Investing?
We will speak to clients from just about anywhere in the world. Just to give you an idea of our clients so far, they are generally originating from:
Asia & Australasia – Japan, China, Singapore, Bangkok, Hong Kong, South Korea, New Zealand and Australia
Africa – Kenya, Nigeria and South Africa
Middle East – Israel, Dubai, Kuwait, Qatar, Azerbaijan
Europe (EEA) – Nederland, Hungary, Ukraine
Basic Criteria Requirements
All applications are looked at on an individual basis. As mortgage brokers we have around 130 lenders to choose from and our packagers have around 80 mainstream lenders that they deal with. Collectively we can source a mortgage for you from a handful of lenders who will lend to foreign national clients who reside overseas.
Interest rates vary between 3.5% to 8% depending on circumstances, however, it is important to look at both the interest rate and cash return amount when deciding.
- 25% Deposit Required (proof of deposit required)
- Minimum Property Value is £100,000
- Minimum Loan Size is £75,000
- Must be prepared to travel to the UK to open a UK bank account unless there is an international branch of a UK bank where the applicant resides.
- Must be prepared to fly into the UK and meet with the solicitor before purchase is complete.
- Lending to Individuals, UK Limited Companies (SPV – Special Purpose Vehicle) and overseas/offshore companies.
There are many terms for overseas locals looking to buy a property in the UK with the aid of a mortgage such as:
- Mortgages for Non UK Residents
- Overseas Borrower or Overseas Investor Clients
- Mortgage for Foreign Nationals
- Foreign National or International Buyer Mortgages
- Mortgages for International Residents.
Mortgages For The Overseas Borrower
Get The Most Suitable Mortgage for Your Needs!