28 Apr Expat Mortgages & Specialist Finance
Expat Mortgages. Innovative Bridging Finance. Lending on student properties. Specialist criteria for the self employed and for contractor mortgages.
It might seem surprising, but high street banks aren’t often keen to welcome customers from these lucrative markets.
The scale of deposits available to major plc lenders, combined with their range of income streams means the rates they can offer are extremely competitive.
However, while they lack the scale to deal with major high street lenders for ultra-competitive rates, we as brokers are extremely excited about the future of the a number of niche self employed mortgages and even expat mortgages available from smaller firms Building Societies.
Firstly, an increased willingness to deal with brokers, which normally indicates lenders hungry for business.
Secondly, and far more importantly, they’ve found a way to fight back against Big Shiny Bank Incorporated Plc, by offering these fantastic ranges of niche products.
While there are countless examples, here are some of the most exciting developments we’ve had the inside scoop on in recent months
- With some of our clients currently living overseas, enjoying the Expat lifestyle, their often surprised when they come home and are denied traditional financing options. Several companies we’ve spoken to are keen to deal with this sort of clients.
- For students (or indeed their parents) with aspirations of property ownership, one Building society offers a ‘Buy for Uni’ loan. The deposit is secured from the equity of the parent’s home, with the remainder of the loan funded by letting out rooms to fellow students. Those lucky students.
- We’ve seen interestingly structured products, perfect for those expecting a large sum of money at some point in the future, where the rate begins on an interest only basis and after two years becomes a repayment mortgage (at which you pay in the lump sum and cut your payment dramatically).
- Innovative products for the self-employed, divorcees, large families and much more are on offer from alternative banks.
We’re well aware that our clients each have their own particular circumstances and that the fairly basic products offered by larger banks might not be suitable for everyone.
But we’re championing the little man (or rather little lender) for any niche financing questions you may have for your property portfolio.