The UK property market has long been a magnet for overseas money. Investors have for decades snapped up prime real estate with significant interest from the Far East, Russia and the Middle East.
Traditional banks do not have the appetite to lend to non-residents so this has paved the way for specialist lenders to cater for this niche area.
Get in touch
Prime Central London property has been snapped up by the Oligarchs and the appetite has spread to standard buy to lets too. The UK has stringent Anti Money Laundering laws to prevent the proceeds of dirty money buying real estate as a means to launder money. Traditional lenders are not comfortable where funds emanate from outside the EEC.
For this reason the number of lenders operating in this area is low and the rates are usually higher depending on the calibre of the applicant. Off shore and private banks are still operating in this arena as they have the means to verify source of funds and can get comfortable with the applicant.
Loan as high as 75% are available to this class of borrower.
Here are a few reasons to choose Chess Mortgages.
We’ve been advising clients on mortgages for over 40 years.
We move fast
No need to wait; we respond & process applications quickly.
Whole of market
We scour UK lenders, private banks & offshore lenders for deals.
What you need to know…
Yes – you can be a director and shareholder as a non-resident. When buying with a UK partner the shareholding % may be restricted depending on your status.
No – cash is not acceptable. The funds must be from bank to bank and source must be proved.
No – a UK law firm is adequate. The UK legal system is very robust. You may need a Notary Public to authenticate your documents.
Yes but getting a mortgage may prove challenging. Residential property is easier. Its always a good idea to see whether there are any correspondent banks in London who can receive funds from overseas. You will need a UK bank account.
What our clients say…
"Excellent service and I would highly recommend to others"
Had the pleasure of instructing Chess Mortgages. Jaz was incredibly professional and impressive in her handling of my remortgage application. My application was dealt with within a week! Excellent service and I would highly recommend Jaz to others. Thank you Jaz!
"Award winning mortgage advisors & I can see why"
Bob stepped in at very notice to assist us when we were in danger of missing out on our perfect home. We were impressed with advice we'd seen Bob provide on a forum, which was clear and sensible. It was later we found out that Chess are award winning mortgage advisors and I can see why.
"Chess was by far the best decision we made in looking for a mortgage"
I can't thank Jaz and Bob enough for their efforts in helping my wife and I in secure a mortgage. The process was effortless and they took weight off our shoulders. Having gone through getting a mortgage a number of times, I can safely say using Chess was by far the best decision we made. I will be using them again.