New research from Butterfield Mortgages Limited in the UK, commissioned through Censuswide, indicates that the majority of UK brokers find it increasingly difficult to secure finance for international clients, with currency fluctuations and a lack of lender appetite among the biggest challenges.<\/p>\n
The prime London mortgage provider commissioned the independent survey of 300 UK-based mortgage brokers. It found that 93% have worked with non-UK residents in the past five years, highlighting the ongoing demand from international clients seeking to invest in UK property.<\/p>\n
The research also revealed that 98% of brokers find sourcing finance for overseas borrowers to be challenging. Over one in ten (11%) say it is \u2018extremely challenging\u2019, 35% label it as \u2018very challenging\u2019, 28% describe it as \u2018moderately challenging\u2019, and 25% went for slightly challenging\u2019.<\/p>\n
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When asked to identify the main difficulties they face, brokers most frequently pointed to a lack of lenders willing to work with international borrowers (34% said this was an issue), followed closely by concerns about currency fluctuations during the loan term (33%). Meanwhile, 28% cited the difficulty of verifying overseas income and assets as a key challenge.<\/p>\n
Alpa Bhakta, CEO of Butterfield Mortgages Limited in the UK, said: \u201cClearly, there remains high international demand for UK property investments, but the availability of suitable mortgage products is a major sticking point for brokers working with overseas clients.\u00a0<\/em><\/p>\n \u201cLending to non-UK residents requires a high level of expertise, not to mention the right products and a willingness to embrace the additional due diligence it involves. Lenders that are able to take on the challenge will need to ensure brokers and overseas buyers \u2013 who remain a vital part of the UK\u2019s property market, especially in prime central London \u2013 can access the finance they need, irrespective of how complex their case may be.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" New research from Butterfield Mortgages Limited in the UK, commissioned through Censuswide, indicates that the majority of UK brokers find it increasingly difficult to secure finance for international clients, with currency fluctuations and a lack of lender appetite among the biggest challenges. The prime London mortgage provider commissioned the independent survey of 300 UK-based mortgage […]<\/p>\n","protected":false},"author":1,"featured_media":6127,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n