It's no secret that the UK’s property market has long attracted investors who are resident in Hong Kong or who have links to the administrative region. There are no restrictions on foreign ownership of property in the UK. However, it is worth noting that even though you can own UK property without holding a UK passport or being a UK resident, securing a mortgage can be more complex if you are based in Hong Kong.
We were recently approached by a Hong Kong based couple (American national and Hong Kong national) who were interested in purchasing a family home in Berkshire worth £750,000 and were looking to borrow at least 70% of the property price.
Before approaching lenders, Enness will assess your assets and financial background and work out how to present your case to lenders. In doing so, your broker will be able to approach the best lenders for your case directly, speeding up the process while simultaneously securing the most competitive UK mortgage for you.
In this case, we met the client's requirements by securing a 75% LTV mortgage at an excellent rate of 2.61%. Here, it is helpful to note that the most competitive mortgage does not necessarily mean the cheapest rate. While your broker will always be aiming to get the lowest mortgage rate, they will consider other factors that will deliver the best finance package for you. For example, the ability to borrow slightly more, have more flexible terms, borrow from specific lenders or benefit from no early repayment costs may be more attractive than a marginally lower rate.
A UK mortgage broker like Enness will facilitate Hong Kong-based borrowers' access to lenders, and help you negotiate a mortgage that meets your financial background and broader requirements. Get in touch today to understand more about Enness’ proposition, how we can act as your UK property agent, and rates or securing a UK mortgage as a Hong Kong resident.