UAE and Qatar buyers spike demand for UK mortgage enquiries
Property buyers from the UAE and Qatar are piling into the British market so as to beat the UK’s stamp duty surcharge for buy-to-let investors and second homeowners coming into effect on 3rd April.
Over 70 per cent of all enquiries at deVere Mortgages are from foreign nationals or British nationals residing and working overseas. A majority 45 per cent of these individuals are currently based in Qatar and the UAE.
As quoted in the UAE’s Khaleej Times and Gulf News and Qatar’s The Peninsula, amongst other publications, Head of Distribution at deVere United Kingdom, Kevin White, affirms: “Since the start of 2016, there has been a 60 per cent month-on-month uplift in enquiries from Qatar and the UAE. People based in these Gulf nations are now piling into the British property market.
“We attribute this rush-to-buy phenomenon to those who, quite sensibly, want to avoid being subjected to the extra levy. No-one wants to pay an extra 3 per cent in stamp duty.”
As such, demand is indeed buoyant in the UK property market, now at its highest rate in three months, however it’s paramount that non-UK residents are aware of the complications they may face when looking to purchase a property.
British expats and foreign buyers are typically considered high risk by most UK lenders, even if they have substantial assets and a high salary. The majority have a lower credit rating in the UK as they have lived abroad, earn a different currency and work for a non UK-based company.
Expatriates also need to bear in mind other important factors such as wasting money on excessive rates and being able to reclaim tax within 18 months.
It is therefore highly recommended that expats and foreign buyers seeking to buy property in the UK seek advice from cross-border specialists who have well-established relationships with UK lenders and can help clients meet the stringent criteria in what is becoming an increasingly strict mortgage environment.
Hence, deVere are holding two informative mortgage seminars this week, in which the numerous benefits of applying for a UK mortgage will be explained, along with factors to consider before applying and how to save money on a current mortgage, followed by a detailed question and answer session.
The first is taking place on Tuesday 9th at the Westin Hotel in Abu Dhabi at 7pm, with speakers, James Green, Senior Area Manager of deVere Acuma Ahu Dhabi, and Kevin White, Head of Distribution at deVere United Kingdom. Confirm your attendance by emailing gemma.griffin@devere-acuma.com.
The second seminar is being held at the Shang-ri La Hotel, Westbay, Doha, Qatar on Wednesday 10th at 7pm, with speakers, deVere Group Area Manager, Christopher Ball and Kevin White. To confirm attendance email charlene.scicluna@devere-group.com.
