After the successful launch of its foreign mortgage sourcing module, Connect Overseas Pro, to intermediaries and property agents, requests from brokers for extra help with expat clients looking to invest in property back home have grown, as the COP system provides tools to help brokers source mortgages for both foreign nationals and expats wishing to buy in the UK.
According to Geoff Simmonds, Head of Operations at Connect Overseas, the activity generated by the new sourcing module has seen more brokers looking for specialist assistance from Connect, both through its Overseas arm and the Connect Mortgage Club.
He said:
“Brokers are reporting that being able to help UK expats has led to an increase in business and many have been surprised by the demand from expats wishing to buy for investment, future retirement back in the UK or to remortgage existing property.”
He added: “With the immediate withdrawal of the Lloyds Banking Group from the expat market, intermediaries need to know there are still plenty of alternative sources. Currently, we can offer finance solutions for expats who have just left the UK or have lived abroad for up to 35 years. They can be first time landlords and we have deals for employed and self employed clients up to the age of 80, with finance options up to 80% LTV. We believe expat mortgages is a growing business segment and intermediaries can take advantage of our expertise in this area either through the Connect Overseas Pro system or by speaking to one our specialist in house advisers.”
