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Lenders reassure expats over buy to let mortgages and UK property investments
| Published: | 31 Aug at 6 PM |
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In spite of the increasing likelihood of a no-deal Brexit, mortgage lenders are reassuring expats they will still be able to get mortgages on UK properties.
Market leaders and estate agents are saying there are no post=Brexit problems for lenders as regards mortgages for both British nationals and expatriates, provided they submit all the necessary documentation to prove their right to proceed. The statement came as reports indicated no slowdown in the high demand for UK real estate from overseas buyers.
Several mortgage brokers specialising in serving expats are noting interest in UK properties by overseas purchasers is actually on the increase, and the prospect of a hard Brexit is neither damping down the enthusiasm to buy nor having any effect as yet on UK house prices. The general impression in the sector is that Brexit won’t affect EU-based buyers in the UK or, if it does, the disruption will be no more than for a non-EU resident.
Real estate professionals believe it’s possible Brexit may have a negative effect on British residents wanting to buy a second home in Europe, as demand is now seen to be slackening due to uncertainty about post-Brexit restrictions. In addition, some are now delaying the decision to apply for a mortgage, causing fears that demand could fall further and take house prices with it. At the same time, demand for investment properties by high-salaried expat professionals working in the Gulf States and Asia has been increasing, especially as the UAE and Saudi Arabia are accelerating their attempts to lessen their dependence on expatriate talent.
Market leaders and estate agents are saying there are no post=Brexit problems for lenders as regards mortgages for both British nationals and expatriates, provided they submit all the necessary documentation to prove their right to proceed. The statement came as reports indicated no slowdown in the high demand for UK real estate from overseas buyers.
Several mortgage brokers specialising in serving expats are noting interest in UK properties by overseas purchasers is actually on the increase, and the prospect of a hard Brexit is neither damping down the enthusiasm to buy nor having any effect as yet on UK house prices. The general impression in the sector is that Brexit won’t affect EU-based buyers in the UK or, if it does, the disruption will be no more than for a non-EU resident.
Real estate professionals believe it’s possible Brexit may have a negative effect on British residents wanting to buy a second home in Europe, as demand is now seen to be slackening due to uncertainty about post-Brexit restrictions. In addition, some are now delaying the decision to apply for a mortgage, causing fears that demand could fall further and take house prices with it. At the same time, demand for investment properties by high-salaried expat professionals working in the Gulf States and Asia has been increasing, especially as the UAE and Saudi Arabia are accelerating their attempts to lessen their dependence on expatriate talent.
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