Expats see 50 per cent uplift in London investment property thanks to Blimey! Loans
Property prices at Capital Quay in Greenwich Reach, London start at £950,000. However, thanks to help from Blimey! Loans two expatriate teachers unable to gain high street lending were able to secure an investment property at the development for the off-plan price of just £630,000.
Despite already owning an investment property in the city which was purchased before they left the country, the two teachers who currently live and work in Belgium, proved a challenge for main stream lenders due to their expat status.
And they’re not on their own. For the estimated five million Brits living and working abroad getting onto the property market in their home country can be a frustrating process as they find themselves choosing from an ever shrinking pool of lenders with considerable hurdles to overcome.
In order to secure their investment, the clients needed to remortgage their existing London property to release part of the deposit and secure a buy to let loan on the new investment property.
Alistair Ewing, owner of Blimey! Loans says: “Expats face numerous difficulties maintaining property in the UK without residency and domicile status. Most lenders won’t approve mortgage applications or the process is made time consuming and complex, especially for buy to let properties. This means many struggle to keep a foot on the UK property ladder and are often deterred from even trying.
“We’re very well versed in dealing with challenging loan agreements. It’s our speciality. For the most part our customers are brokers with clients who have been turned down by traditional lenders.
“Our expertise and knowledge of the non-standard lending sector has grown through our experience and determination to help consumers and mortgage brokers place those cases that, at first glance, look too difficult.”
To find out how Blimey! Loans can help you and your clients visit us at the London Financial Expo on 24 and 25 September 2014.