New build properties are particularly popular for expats: they come without the aches and pains of older buildings and require little-to-no-maintenance – ideal for if you’re overseas and not able to easily inspect and repair your property.
But new builds are very competitive when it comes to the property market – it’s not just expats that want a low maintenance, ‘ready to move in’ home.
And as an expat buyer, it’s not uncommon to be treated differently by estate agents. They’re not always convinced of your ability to secure a mortgage, or of the reliability of your offer more broadly.
This is where securing an offer in advance can come in crucial for your property purchase.
The Client
Our client was a US expat looking to buy a residential property in the UK, to serve as a base for when they were home visiting family.
They’d identified a new build on the market for £765k in the perfect location, and needed to raise £327k to secure it.
But because the property was so competitive, the vendors wanted evidence of a mortgage offer to exchange – in fact, they would need it 9 months in advance of completion.
Securing a mortgage as an expat can be a nuanced and complex task. Even within just a 9 month period, the market can change: rates can surge or fall, lender criteria can change due to political or economic factors, new products can come to market or be dropped – and this is why it pays to work with a specialist expat mortgage broker.
How We Helped
Before our clients had made their offer, we reassured them that they could reach the borrowing level they required to complete the purchase – even if the market changed or their choice of lenders was reduced.
We gave a clear and confident summary of how much they could afford, what deposit they’d require, how much they’d need to pay in fees, stamp duty, solicitor costs etc., and put them in a solid and confident position to make an offer.
We handled their application, and secured an offer from a leading expat lender. And we even spoke to the vendor’s estate agent directly to bolster our clients’ offer. It’s a small touch, but we’ve found it can go a long way when it comes to securing a competitive property – they can be reassured of our clients’ ability to buy, and know that we’d be on the case to chase their mortgage application and the property transaction through.
When the time came to exchange and put the funding in place, we ensured our clients’ offer was still the best on the market – even a few decimals on your interest rate can add up to thousands for your total mortgage costs – so we leave no stone unturned here.
We handled all the paperwork and communications, and ensured the funds were received by the solicitors promptly and the property secured – a new base in the UK for our client and their family, doubling up as a strong foothold in the British property market from an investment perspective.