Independent Commercial & Residential Mortgage Advisers.
Are you a British 'expat' or 'foreign national' seeking to purchase a residential property for owner occupation for yourself or your immediate family? We specialise in this sector and can arrange through a diversified range of institutional and niche lenders in the UK and offshore mortgages and remortgages. We often have 'exclusive' expat mortgage rates not available on the high street.
Below is merely a selection of potential 'expat' and 'international' loan types. If you have a specific requirement please take the first step and get in touch. The initial consultation is free of charge to establish if we can be of assistance.
Expat Brits more often than not seeking to purchase property in their home country find themselves often frustrated in sourcing the right lender along with mortgage products from a shrinking pool of lenders. Unfortunate consequence of the credit crunch in 2007 has resulted in an ever limited mortgage market, and recent regulatory changes has had a further blow to dampen the expat residential lending market.
A primary regulatory change affecting British expats has been the advent of the 'Mortgage Credit Directive' (MCD) which came into force on 21st March 2016. The MCD is a European legislation designed to foster a single market for mortgages and to protect consumers.
Definition of 'foreign-currency loans':
The MCD defines a foreign-currency loan as a credit agreement where the credit is: 1) denominated in a currency other than that in which the consumer receives the income or holds the assets from which the credit is to be repaid; 2) denominated in a currency other than that of the member state in which the consumer is resident.
Here the main impact has been if you are not paid in sterling, your mortgage will be defined as a 'foreign currency mortgage/ loan'. Below is some regulatory compliance impacting expat residential mortgages which certain lenders need to meet:
Where an MCD regulated mortgage contract relates to a foreign currency loan (mortgage or remortgage) the MCD mortgage lender must ensure in order to manage exchange rate risk:
• the consumer has a right to convert the MCD regulated mortgage contract into an alternative currency under specified conditions; or
• there are other arrangements in place to limit the exchange rate risk to which the consumer is exposed under the MCD regulated mortgage contract (MCOB 2A.3.1R).
To simplify relevant lenders are now exposed to foreign currency fluctuations if you take out a residential 'foreign currency mortgage' you may be entitled to move your loan to a different currency to mitigate risk if movement is beyond certain percentage or set parameters. Or the respective lender may decide to absorb any currency movements and share the risk of any currency fluctuation. In practice each lender will have its own lending criteria that takes into account regulations concerning 'foreign currency loans'.
The new rules also require firms to regularly update customers who have a foreign-currency loan when exchange-rates vary by 20% or more from the rate that applied at the time the mortgage contract (MCOB 7A.4.1R) was concluded.
Lenders within this sector target their UK mortgages at more than just British expats but also to the international market, fuelling demand in particular for London property by 'foreign nationals' and non-UK domiciled nationals.
MCD rules are not applicable in the case of limited companies or offshore structures when purchasing a residential owner occupier property. We have lenders who have a particular appetite to lend in such circumstances and often geared towards high-net-worth clients requiring more sophisticated finance solutions.
Foreign currency mortgages are not suited for everyone but can be the right option for those that know the risks involved, meeting their individual requirements.
Are you purchasing or refinancing a property using an offshore trust structure or by means of a limited company? There can be many reasons as individuals, for example it can be a more tax efficient vehicle, asset protection, or there may be other underlying complex reasons based on professional advice you may have received.
With certain lenders we harbour close working relationships, after understanding your personal circumstances we can negotiate terms and the best way forward in structuring a loan.
Often the better the quality of initial information we receive from you, the better the outcome i.e. trust structure, jurisdiction, company formation etc. You can openly and discreetly discuss your circumstances to find a viable mortgage solution that works for you.
In the case of 'high-net-worth' individuals non-domiciled in the UK we can cater for loan options where you may not need to repatriate funds into the UK as part of the deposit.
Here you will receive a hands on approach and be afforded attentive professional service, where the application even if complex and challenging can be managed with utmost care to source the right lender and terms.
When you approach us, please be mindful we seek to add value in negotiating with lenders on your behalf in a firm and professional manner, not only discussing rates but seeking a holistic structured loan. We have been dealing with certain lenders spanning many years and can have meaningful dialogue based on trust and professionalism.
We arrange bespoke residential owner occupier 'expatriate', 'foreign national' and 'UK non-resident' mortgages, providing a tailored advisory service. Each transaction is different, and we negotiate strategically with lenders to achieve the best terms. Would you like to be in safe hands, and take advantage of our market knowledge and lender relationships?
We access a wide pool of lenders: banks, specialist niche lenders, offshore, and private funding. You may fit the following:
- UK Citizens living abroad
- Citizens of other EU countries
- Foreign Nationals domiciled or resident in Britain or elsewhere in the world
- Trustees or Beneficiaries of Offshore Companies and Trusts.
- Limited companies within SPV structures
We have a wealth of industry experience in property finance and insurance. As experts we can offer you a diversified range of residential mortgage and remortgage solutions. We are easy to talk with, and provide a personal service right from the start to end of the mortgage process, giving you as much assistance as you require. You deal directly with us in-house.
Regardless of your personal circumstances even if you have encountered difficulties in the past, please reach out to us and let us help you. Often clients who have done the rounds, and regret not coming to us initially and saving themselves time, cost and heartache.
We appreciate that everyone will have different needs and financial circumstances, this is where we can help you to realise a competitive residential mortgage solution. There are no charges for the initial consultation, so why not contact us to discuss your requirements in utmost confidence.
RISK WARNING: Changes in the exchange rate may increase the Sterling equivalent of your debt.
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As a British expat living and working outside of the UK, or a foreign national you may have struggled to obtain a mortgage or at the right terms and costs. We have built close working relationships with niche and specialist lenders offering finance solutions in challenging circumstances. Let us help you to realise what is possible and overcome any hurdles you may have faced.