£5.5million property purchase for British expat in Dubai
5th July 2018
Finding the best Dubai mortgages for British expats can often be much easier with the help of a well-connected London based broker. Enness proved this recently on a case for a British expat who was also a property investor and restaurant owner.
This client was attempting to purchase a new residential property in the UK, in a prestigious and desirable borough of London. The property in question was valued at £5.5million, and the client required a mortgage of £3.8million in order to complete the purchase.
However, there were many factors in their background which make this case complicated. The client was a British national who was living and working in Dubai on a self-employed basis. However, the client explained they had been born in Iran. Having links to Iran can be problematic for lenders, as higher levels of due diligence are required.
They were also heavily exposed in terms of their existing debt. This client had a large portfolio of buy-to-let (BTL) properties, with over £8million of mortgages already in place.
OUR SOLUTION
After gaining a sense of this client’s overall profile, I was able to refer this case to our London broking team to set to work. They approached a well-known and highly respected private bank who are used to dealing with very wealthy, complicated clients.
This lender was happy to consider lending to this client without stress testing his portfolio, on the basis of the client taking a 10-year fixed rate. This was an excellent solution as the property was planned to be a long-term residential home, so the client was happy to fix over a longer period of time.
The final rate secured was a 10-year fixed rate of 3.34%, which was an excellent result for this client. I would welcome a conversation with all British expats in Dubai who are currently looking for property finance in the UK; this is a speciality of Enness’ offering and something we can arrange with ease, speed and at an excellent rate.
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