Quentin Marshall, deputy head of private banking at Weatherbys said in a statement announcing the new service, that it has been launched to help deal British expats deal with what it calls ‘the total nightmare’ of obtaining a mortgage, when returning to the UK from time spent living a foreign country.
“Many of the millions of British expats living and working abroad would like to own property in the UK, particularly in preparation for their return, ” he said “For the majority, securing a mortgage is a total nightmare experience as banks have either withdrawn from the market entirely or tightened their lending criteria to unacceptable levels. I firmly believe that Weatherbys Private Bank is different and can provide the solution.”
Weatherbys said that its decisions are not based on typical credit scoring. Instead it offers “bespoke underwriting” where each applicant is considered on their personal financial situation and circumstances.
“All borrowing facilities are assessed on their own merits and priced accordingly and our terms are flexible for the scheduling of repayments,” added Marshall.
Weatherbys’ private bankers work with their expat clients to help on services from residential mortgages to flexible savings account options. Treasury experts are also on hand to help expat clients make informed decisions on foreign exchange markets when managing money internationally.
On the Expatriate Lending Service loan sizes are between £500,000 and £5,000,000 and have a loan to value of up to 65%. The standard loan facility is interest only and the normal term is five years. Facilities up to ten years can be considered.
Via its Foreign Exchange service it offers competitive exchange rates for all major currencies and forward contracts and options to assist with hedging currency risk, the statement added.