A Vietnamese business woman was recently referred to us by a professional introducer who saw us as the only mortgage brokerage with the ability help the client given her residency status in Vietnam. The client lived in Hanoi, making frequent trips to London for work and wanted to invest in the London buy to let property market.
The client was purchasing a buy to let property for £1million in a new build development in South West London and wanted to borrow as much as she possibly could to fund it. The biggest challenge with this was the client’s residency status; very few lenders engage with Vietnamese clients. The client was also self employed and didn’t have an internationally recognised accountant. The client had also never owned property in UK before, leaving her without a UK footprint. To make things more complicated still, all the necessary financial documentation was in Vietnamese, including any proof of income.
Regardless of these obstacles, and thanks to our unusually wide network of lenders, we knew exactly which one to approach – a Jersey-based bank who was able to engage with the client on the ground in Vietnam, specialising in Asian and African clients. My excellent relationship with the head of mortgages there meant I was able to communicate with him directly, allowing us to overcome some of the challenges with the documentation. The client was able to place six months’ worth of interest cover on deposit to allay any fears of rental voids from the bank’s perspective.
The lender was willing to provide a rate of 3.47%, on a 25-year term, cheaper than many buy to let loans for UK-based investors. I was also able to secure 70% loan to value (LTV), which is significantly higher than the average loan for a non UK based client.