London’s mortgage market opens up to Gulf buyers
Dozens of UK lenders have started offering mortgages to international buyers, opening up the property market to new investors other than British citizens working overseas, analysis shared with The National has found. Three in five top-tier lenders now have a route for overseas borrowers, as a growing market develops in which Gulf-based families maintain or acquire UK property using British…
London's mortgage market is now accessible to Gulf-based buyers, according to analysis shared with The National. Three out of five leading lenders now offer mortgages to overseas borrowers, as the market grows, allowing Gulf families to maintain or acquire UK property while keeping their assets in the Middle East. Recent transactions include a £8.5 million ($11.4 million) mortgage on prime London residential property, with income in Qatari riyals, and recent mortgage terms for UAE-resident borrowers earning in dirhams.
One case involved a Gulf resident couple securing an 80% loan-to-value UK mortgage. The analysis by Enness Global suggests that the stereotype of Gulf buyers of London property being primarily cash purchasers may not be accurate, as more banks, building societies, and specialist lenders will now finance UK property for borrowers with assets in the Middle East.
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- London’s mortgage market opens up to Gulf buyers thenationalnews.com
