£1.6million home in London for Iranian client in Dubai
26th April 2018
Securing residential property finance for foreign nationals is always a complicated process, particularly for those who don’t live in the county of purchase. When you add a high-risk nationality into the mix, this becomes even more difficult. I recently met with one such individual, an Iranian who was looking to buy a home in the UK.
This client was a successful businesswoman who had been living in Dubai since the early 1990s. Unfortunately, many UK lenders consider Iran a ‘high risk’ country and so will not lend to Iranian clients due to the increased due diligence required.
However, the client’s son had previously dealt with Enness successfully, so she felt we may be able to help her also. This is certainly a speciality area of the Enness team; we understand that such clients play a huge role in stimulating the global economy, and so our brokers in London have always striven to find solutions and mortgages for Iranian clients.
This client had an income of roughly $1million a year and was looking to purchase a beautiful home in London valued at £2.3million. She had a deposit of £700,000, meaning she needed a loan to value (LTV) of approximately 70%. Her nationality and the high level of borrowing were both going to be hurdles, but I felt confident our London broking team could help.
OUR SOLUTION
In this instance, our London team utilised their excellent relationship with a private lender who is happy to work with Iranian clients. They were able to negotiate for the loan required, at a rate of 3% + Bank of England Base Rate (BOEBR). I was also able to assist this client by arranging a free insurance consultation with our in-house specialist, in order to arrange the recommended life insurance for a loan of this nature.
This is a prime example of what our brokers in the UK can achieve. Whether you are an Iranian national living in the UK or an individual who lives abroad and simply wishes to invest in UK property, our team in London can help. We have proven experience in doing this and a strong network of lenders – including private banks and Sharia-compliant lenders– who are happy to consider mortgages for Iranian borrowers.
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