It is quite a demanding task to obtain mortgages in the United Kingdom especially if one is working outside UK. Since the Global Financial Crisis, offshore foreigners and expatriates find their financing options getting lesser. We look at the mortgages available for them for London properties.
London mortgages for foreigners
The mortgages available from Singapore banks are for residential homes in London. Let's review the options:
- Offshore foreigners, non-residents, expats are eligible
- For new purchase, refinance or equity release
- For buy-to-let or investment residential homes
- Located within zone 1 to 4
- Up to 75% LTV
- Choice of Singapore dollar- or Sterling Pound-denominated mortgage
- Tenure up to 30 years
- Rates are tracker-based (pegged to SIBOR or Cost of Funds)
- Principal + Interest repayment only
- Monthly repayment schedule
- Fees may apply
One of the benefits we provide is that you can secure a mortgage for a new build home before it's completed. Effectively, you are securing the mortgage now while waiting for the completion of the home and disbursement of the loan to the developer/ builder. Taking a mortgage early provide you a peace of mind and perhaps avoid any possible market measures or interventions.