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Spike in foreign mortgage enquiries

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A greater number of people from outside of the UK are looking to purchase properties with mortgages in this country.

Specialist mortgage adviser deVere Mortgages said as much as three-quarters of its mortgage enquires were from people abroad trying to buy UK properties.

It said buyers were often from Asia, the Middle East, Russia and the United States.

Tom Elliott, deVere Group’s international investment strategist, said there were several factors combining to make Britain an attractive proposition.

“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,” he said.

“For this reason, interest has been particularly strong from expatriates from Russia, the Far East, the Middle East and the U.S.

“These individuals are taking advantage of the economic recovery, continuing strong demand growth and limited new building due to planning rules.”

The firm said many of its clients were British expats who had high levels of disposable income and were looking to invest in UK property.

“These individuals are increasingly aware that they are typically deemed as ‘high risk’ by UK lenders,” Kevin White, head of financial planning, said.

“They will therefore need mortgage advice from industry experts who have established relationships with the relevant lenders.”

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