First time UK purchase for foreign national

29th March 2017

VICE PRESIDENT

Chris Lloyd

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First time UK purchase for foreign national
Chris Lloyd
VICE PRESIDENT

Chris Lloyd

A client recently came to me after hearing about Enness’ excellent work helping foreign nationals purchase property in the UK. A business consultant who had been based in the Middle East for the past few years, my client was looking to make the UK his main residence and required a mortgage to acquire his chosen property.

The property itself was a beautiful and historically significant Grade II listed building near the university city of Cambridge with a value of around £2.2million. He had had some unsuccessful experiences with other brokerages so it was crucial that I acquired the best rates.

Not having a UK footprint is a challenge we often encounter with foreign nationals and this case was no different. This would be the first time he had purchased a property in the UK and for many lenders, which could have proven prohibitive.

My client was employed on a contract basis, meaning he did not enjoy the same guaranteed regular income regular salaried employees have. Furthermore, never having purchased property within the UK he did not have all the relevant documentation to satisfy lenders.

OUR SOLUTION

At Enness, we are fortunate not only to be able to rely on an extensive network of lenders with whom we have enviable relationships, but we have also nurtured an unusually wide network of industry partners and lenders who specialise in assisting with cases such as this one.

I was therefore able to put him in touch with all the relevant professionals he needed. This really reassured him and made the whole process run more smoothly.

With the correct professional assistance in place, I approached a lender with whom I have worked closely before. The lender, a private bank, looks at cases individually and due to its international presence, understood many of the obstacles within this case.

After explaining the situation, I was able to secure very favourable terms; raising the full amount at a 2.5% variable rate over a 10-year period.

The Global High  Net Worth  Mortgage Guide

The Global High Net Worth Mortgage Guide

Are you considering buying a high-value international property? 

Our handy Global High Net Worth Mortgage Guide explores the world of international mortgage finance in prime property markets around the world. 

Whatever your property financing requirements, we have a specialist team in place dedicated to finding the best and most efficient solution. 

Let us guide you through the complex world of mortgages.  

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