The Gulf Cooperation Council is one of Enness’ most rapidly growing client bases; our Middle Eastern clients are attracted by our wealth of experience and our excellent relationships with lenders who regularly work with this client profile. Whether it’s finding a UK mortgage for Saudi clients, or assisting with a Prime central London property refinance, this has become an area of expertise for us.
As such, I was confident I could help when approached by a Saudi Arabian client looking to purchase in the UK. My client was self-employed with multiple manufacturing businesses. Although he lived in the Middle East, his two daughters planned to move to the UK to study at a top London university.
Students from around the world are drawn to the UK, due to the prestigious reputation of UK universities. As such, we regularly see clients who want to purchase property in the UK, particularly London, for their children to live in whilst studying in the country.
He had a new-build property in mind for this purchase, but he needed to complete on this within the month, so time was of the essence. Arranging finance quickly is always a challenge, but this was complicated further by the fact my client was based in the Middle East. Foreign applications can take a lot longer, as banks can perceive these cases as being higher risk.
My client required a loan to value (LTV) of 75%, and was also hoping to secure an interest only mortgage on a 10-year term. Securing interest only mortgages can be very challenging.
As speed was such a priority, I frequently worked around my client’s time zone, which involved a great deal of work outside our office hours. I worked diligently on the paperwork, triple-checking every aspect to ensure the lender couldn’t come back to us on any point, as this would slow down the process. We also arranged for my client’s daughters to be named on the mortgage, as the property would be their long-term home.
I secured my client exactly what he had hoped for—an interest only repayment mortgage—with a very reputable lender, on a 2-year tracker rate of 1.6% above base rate. This was an excellent result, and proof of how we are able to arrange a UK mortgage for Saudi Arabian clients—and indeed many clients across the Middle East.