Mortgage Strategy - Building bridges for foreign property buyers
With overseas buyers braced for tougher UK stamp duty rules, Emma Lunn from Mortgage Strategy magazine looks at how brokers and lenders can ease the strain.
The article highlights that foreign buyers of UK property could soon be hit with higher stamp duty costs, with a proposed 1 per cent hike on the cards. The government is consulting on plans to introduce the stamp duty surcharge for residential property purchases in England and Northern Ireland by non-UK residents.
Trinity Financial product and communications director Aaron Strutt told Mortgage Strategy magazine: “We speak to lots of British expats and foreign nationals looking to buy in the UK, and they want to know how much they can borrow and the best rates they can access. There is still a lot of demand for property in the UK.
“When an enquiry from an overseas buyer comes in, we have a long list of lenders we approach and it has taken a lot of work to get all of the names and contacts at the banks and building societies. The lenders will want to know which country the buyers live in, the size of their deposit and how they earn their money.”