Overseas buyers and British expats ‘routinely rejected’ for UK mortgages
Overseas buyers and British expatriates are finding it “increasingly difficult to purchase property in the UK”, according to information published today by the mortgages operation of the deVere Group.
DeVere Mortgages said the difficulties appeared to be related to such changes as the recent introduction of new, tougher requirements for buy-to-let borrowers by UK lenders.
Darren Mead, head of mortgages at deVere Mortgages, said foreign nationals from the Middle East, Asia, Europe and the US, as well as British expats residing in those destinations, have been seeking to buy UK property due to a number of factors, including the relative weakness of the pound, but are “often being turned away by mainstream, high street lenders”.
He said such buyers typically benefit from expert mortgage advice, of the type that deVere Mortgages exists to provide.
“Cross-border specialists who have well-established relationships with UK lenders” are, according to Mead, “best-placed to help clients meet the stringent criteria in what is becoming an increasingly strict mortgage environment”.