deVere Mortgages: Overseas buyers continue to spike demand
Since deVere Mortgages was launched as a standalone brand in January this year, we recently revealed that three out of four enquiries during the first three months of 2015 were from overseas property buyers.
As picked up by a whole host of media including The Telegraph, What Mortgage, Your Mortgage and Mortgage Introducer amongst many others, the majority of clients sparking this escalating demand were from Russia, Asia, the Middle East and the U.S., with the British capital the most popular area in the country for overseas buyers.
The predominant reason for this, explained by deVere Group’s International Investment Strategist, Tom Elliott suggests: “Currency weakness against the dollar is making Britain relatively less expensive than it previously has been and London becomes cheaper than other elite cities for international property portfolio investors.
“For this reason, interest has been particularly strong from expatriates or nationals from Russia, the Far East, the Middle East and the U.S.”
Working with over 200 UK-based and global lenders, deVere Mortgages’ Independent Mortgage Consultants and UK and Overseas Mortgage Specialists David Eggison, Lee Adams, Martin Grundy, Jodie Stephenson and Michael Cavin, assist UK residents and overseas clients in property purchasing and re-financing.
The brand was set up due to increasingly high demand from deVere clients, as Mitch Hopkinson affirms: “After identifying consistently increasing demand for our independent, whole of the market mortgage advice and protection services, the decision was taken to establish deVere Mortgages, an independently-run division of deVere United Kingdom.
“Backed by the significant resources of a robust and responsible organisation and managed by a team of senior industry professionals, enables us to better serve our existing and potential clients and further extend our already broad scope of mortgage offerings.”
We were aware demand was high, but as deVere United Kingdom’s Head of Financial Planning, Kevin White says: “We have been pleasantly surprised by the high level of enquires so soon from our 80,000 mainly expatriate clients. These individuals are increasingly aware that they are typically deemed as ‘high risk’ by UK lenders and will therefore need mortgage advice from industry experts who have established relationships with the relevant lenders.”
deVere Mortgages forecasts the volume of mortgage business in the United Kingdom is set to rise significantly by the end of 2015, particularly following news of a new EU directive coming into effect next March aimed at lenders offering foreign currency mortgages, which may make it more difficult to secure home loans in the UK. Hence even more of a pressing need for expats to seek highly specialist mortgage advice from industry experts who have established relationships with the relevant lenders.
deVere Mortgages also specialises in buy-to-let opportunities, equity release, re-mortgaging overseas properties and tax optimisation from rental income.
Visit deVere Mortgages or call +44 (0) 207 183 9625.