UK Mortgage Broker for Non UK Residents

The UK has long been a jurisdiction of choice for buy-to-let investment properties. Investors from Dubai, other Emirates and MEA countries have been among some of the most prolific non-resident buyers of UK rental property, particularly in London. However, investors have looked outside of London for other property hotspots in recent years and have made some lucrative and shrewd investments further afield, as well as in the capital.

Non-resident UK mortgages can be challenging to secure if you are operating alone – especially if you are trying to approach lenders and submit applications from outside the UK. Applications can take longer to process when you are handling the process yourself without the help of a broker, even if you have an attractive profile for lenders (i.e., you are a high-net-worth individual, have lots of assets and so on). You may also find that most mainstream lenders in the UK will consider you with some degree of caution. This is often less to do with your wealth or suitability for a UK buy-to-let mortgage and more linked to assessment and underwriting. Many lenders automatically associate foreign nationals with higher risk and struggle to cater to you, even though many want to.

However, UK buy-to-let mortgages are very possible for Dubai residents (regardless of whether you are an expat or Emirati national) as well as residents or nationals from other MEA countries.

Unregulated Buy-to-let Property

Most Dubai residents or nationals looking for UK mortgages are in the market for what are known as unregulated mortgages. Essentially, this means you plan to buy a property you will not live in and don’t plan to rent to a family member. It’s a minor point, but unregulated mortgages have different affordability rules than regulated mortgages (which refers to a property you plan to live in), thus impacting what you will be able to borrow in relation to your UK buy-to-let property.

Excess

Usually, you will be planning to use the rental income to cover your mortgage repayments. Lenders typically want to see that your rental income exceeds your mortgage payments by at least 150% (some lenders may be flexible, and others may want to see a higher margin). Enness' brokers will be able to help you understand your options and the numbers here, and the lenders that are best suited to you and able to offer you the most competitive package on this point.

Lenders assess non-UK resident borrowers especially carefully concerning any buy-to-let property purchase, and if you are an Emirati or MEA citizen or resident, you will be no exception. Most lenders will focus on your income and will want to understand how regular it is, your future plans (particularly if you are approaching retirement age), and your other assets to ensure you meet their affordability and risk criteria. Lenders will look at these points particularly carefully for non-resident buyers, given that legal recourse and proceedings can be complex if you default on a mortgage. However, if you meet the lender's criteria, Enness will be able to secure competitive mortgage offers for you with relative ease.

Many Emirati residents or non-UK resident buy-to-let investors are high-net-worth individuals. Despite this, lenders may still class you as a complex borrower, which can add another layer of difficulty to securing a mortgage. Typically, lenders will class you as a complex borrower if you have multiple income streams, multicurrency income, are very wealthy but have comparatively little income, or your assets are diverse and global. In these cases, a broker with an understanding of how lenders view your situation and background and what will give them comfort is critical to securing a mortgage quickly and getting the best rates available.

Some lenders have a slight preference for seasoned buy-to-let investors, given you will more than likely have experience of how you plan to market and manage your property, or you have an established team in place to handle this for you. However, you will still need to provide information about your finances and income to satisfy the lender you have good financial standing and can effectively afford the mortgage.

If you are a first-time buy-to-let investor in the UK, you are unlikely to find it too challenging to secure a fantastic deal. Here, working with a broker can be most beneficial – your broker can present your case and your plans in a compelling way to lenders and help you ensure your goals are feasible and will be seen as such by lenders.

Top slicing is also an option, and it refers to cases when you use a combination of rental income and your regular income to cover a buy-to-let mortgage. If your rental income doesn’t cover your mortgage repayments, top-slicing effectively allows you to borrow more, paying the property finance package through a mix of your non-rental income (or salary) and your rental income. Lenders approach top-slicing carefully, and it will not be an option for every borrower. If you want to top slice, how you present your case to lenders is paramount, especially if you are a non-UK resident as lenders will be looking to minimise risk. A broker can help you secure top-slicing and will help explain your situation and motivations to lenders in a way that appeals to them.

Whatever you are looking to buy in the UK and whatever your personal situation, nationality or financial background, Enness will be able to secure you the best rates and terms for your UK buy-to-let mortgage.

There are many lenders in the UK mortgage market, which creates healthy competition that in turn keeps rates and terms attractive for borrowers. If you are a Dubai-based borrower or MEA resident in a solid financial position with a significant net worth and assets, your broker will usually be able to secure a very competitive UK mortgage. This will be true even if you want to borrow a considerable amount or if you have ambitious plans for a UK property purchase.

Ultimately, the non-resident mortgage package that will make the most sense for you will depend on your individual financial situation and background. When you contact Enness, your broker will assess your net worth, global assets and income to develop a plan of action and identify the lenders who will be the best matches for you and who can best cater to your requirements.

For many of Dubai’s residents, buying property in the UK, high-net-worth mortgages can be a great option – provided you fit the eligibility criteria.

Anyone considered a high-net-worth individual will typically find that lenders can be more flexible around affordability rules, minimum income requirements and your expenditure. This isn’t to say that lenders won’t consider your background and finances carefully – they do. Instead, high-net-worth borrowers can effectively opt out of regulated oversight and benefit from a more holistic analysis of their overall wealth and net worth.

To be eligible, you need to have an annual income of at least £300,000 (lenders can consider global income streams and other currencies and you do not necessarily need to generate this amount in pounds sterling). High-net-worth mortgages are also an option if your net worth is the equivalent of £3 million (excluding the value of your principal residence). If you are eligible for a high-net-worth mortgage, Enness will be able to help you negotiate the best deal from lenders. Not every lender publicises that they offer high-net-worth mortgages or makes the contact details of the teams that offer them available publicly, so it's not as easy as simply approaching banks yourself. A broker who can source and negotiate these mortgages, especially for non-residents, is often essential for securing the best rates and terms.

If you have what lenders consider to be ‘complex’ income, lending can be more challenging when it comes to securing a UK mortgage.

Many Dubai and Emirati residents fall into this category, given multiple income streams, multicurrency income, or income derived through corporate or estate planning structures are fairly standard for wealthy families and individuals across the MEA region. Finding a lender that can accommodate and understand how you generate income (and how secure it is) is a must because not every lender will cater to you if they deem you have complex or unusual income. Working with a broker that knows the lenders that can cater to you and tailor a package to your financial situation is often the surest and easiest way to secure a UK mortgage if you have what is considered complex income and you are a non-UK resident living in Dubai or the MEA region.

Enness always start by analysing your assets and financial situation to get a grasp of what the best option for a UK mortgage will be. Your broker will discuss and explain your options in detail, covering who the best lenders are likely to be and how they plan to present your application.

Regardless of your nationality or country of residence, your broker will be able to help secure high-value UK mortgages if you:

• Have a non-standard or complex income structure
• Are an entrepreneur, own a business or are self-employed
• Have multicurrency income
• Are the beneficiary of a trust
• You have significant investment income
• You are nearing retirement age, or you have retired
• Benefit from large bonuses in addition to your base salary
• Plan to sell high-value assets in the future which can support your case
• Have a high net worth, but you have little income

If you fall into one of the above categories (or a similar category), you will find that a broker with experience securing and negotiating finance can make all the difference in how smoothly and quickly you can secure a UK mortgage. Whatever your needs, Enness will explain your options, negotiate and prepare your application on your behalf.

Dubai is known for its business-friendly environment and support of entrepreneurs who set up shop in the emirate. Many Emirati nationals and expats from Britain or elsewhere run successful businesses from the UAE. Running a business is hugely rewarding and often very lucrative. However, securing a mortgage can be challenging as lenders tend to approach applications from entrepreneurs, small and medium business owners and self-employed individuals with more caution than employed borrowers. If you are buying a UK property (i.e., you are a non-resident borrower), this caution will likely be amplified as lenders look to ensure they are not open to undue risk.

Most lenders will base what you can borrow on your past three years’ tax returns as an entrepreneur or self-employed individual. However, in some cases, your tax return won’t provide an accurate overview of your profitability. You may not pay yourself all the revenue you generate, or if you have large amounts of personal capital invested into your business which will be paid back in the future, for example. Here, Enness will approach lenders who can consider your application more broadly and based on your actual situation and financials, rather than just your tax return.

Securing a UK mortgage can be complex if you are self-employed or an entrepreneur based in Dubai, the UAE or MEA region. It becomes especially challenging if you are trying to approach UK lenders from outside the country or are approaching lenders one by one in search of the best deal. If you work for yourself in any capacity, how you present your case to lenders is hugely important. Sometimes niche or alternative lenders will be better placed to lend to you than mainstream lenders. In many cases, a broker who can source, negotiate and present bespoke applications to lenders will be the fastest, easiest and cheapest way to access finance.

However much you are looking to borrow, your broker will be able to present your application to the lenders that can cater most advantageously to you. Your broker will always ensure you are offered the best UK mortgage based on your hard work and profile.

If you are one of the 100,000-plus British nationals living in Dubai, you may wish to buy a property in the UK for investment purposes or to live in in the future. The same may be true if you live elsewhere in the UAE or MEA region as an expat. Enness is one of the few specialists in high-value British expat mortgages.

As a British national, you’d have thought that securing a UK mortgage would be easy, but it’s rarely as straightforward as you expect. By and large, mainstream lenders can approach non-UK residents with caution, even if you are a British passport holder, have a solid income and want to return to live in the UK in the future.

Enness works as a trusted partner, working with you in Dubai and on the ground in the UK. Your broker will always work in your best interests to secure a competitive UK expat mortgage for you. Whatever you are looking to buy and however much you are looking to borrow, Enness will be able to coordinate, negotiate and source the very best UK expat mortgage for you.

Enness works with MEA-based high-net-worth individuals and families to secure mortgages to buy high-value property in the UK. Enness’ brokers are specialists in sourcing property finance for non-UK residents - whatever your nationality.

While securing the most competitive UK mortgage will be a priority, it is also worth considering what other requirements you have. Securing flexible terms, borrowing a little more, or working with specific lenders can also be important. Your broker will build, source and negotiate the UK mortgage that meets all your needs as precisely as they can while keeping your headline mortgage costs as low as possible.

Your broker will always start the process by understanding your plans, circumstances and requirements. This will set the stage for the lenders Enness will approach on your behalf. Sometimes it will make sense for your broker to negotiate on your with a mainstream UK lender. In other cases, a local lender may be better placed to finance or an international private bank or niche lender. The lender that is the best fit for you is likely to depend on your background and assets, and your broker will make sure you are aware of your options and the advantages of each.

Enness will negotiate the terms and rates of your UK mortgage for you, and wherever possible, they will secure one or more offers for you to compare. Enness will make sure you understand all the aspects of the offer and the process, as well as any potential risks and pitfalls.

As soon as you are ready to accept an offer, Enness will communicate this to the lender. Your broker will prepare and will submit your mortgage application for you. Your broker will remain on hand at every moment to ensure your needs are met, troubleshoot for you if required, and ensure the transaction runs smoothly and is as stress-free as possible.