Enness has secured an exclusive interest-only remortgage product which requires no lender fees and offers up to 70% loan to value (LTV) refinance for high value (max. £5million) property in the UK.
This product is intended specifically for our clients from Asian, African and Middle Eastern countries.
Acquiring terms to refinance UK property for people from these areas is usually a cumbersome task. Individuals from Asia, Africa and the Middle East typically face increased scrutiny on property finance from lenders.
Many other private banks would find it difficult to lend to clients from these countries due to a lack of understanding of their specific needs – not to mention obstacles such as language barriers, cultural disparities and differences in legal and financial processes that come with cross-border transactions.
However, Enness can now offer our foreign national clients an excellent set of terms from a trusted UK lender.
The exclusive terms are as follows:
- Margin: 2% plus lender’s variable lending rates (VLR) currently 0.88%
- No lender fees
- Up to 70% LTV
- Legal fees £1,250+ VAT lawyers acting for bank and borrower for loans up to £1million
- Valuation fees as standard
- The mortgage must be formally approved by 31/3/19 to be eligible
- Remortgages only
These terms are particularly attractive for a number of reasons. Firstly, such a high LTV would typically attract a rate of 3.5%. This lender is offering 2% plus variable rate which provides a huge saving. Equally, most other lenders offer a maximum loan of 60-65% of the property’s value, so this offer of 70% will be greatly beneficial to our foreign national clientele.
This product provides a further saving for our clients as there is no lender fee. This is a particular stand out point, especially for loans up to £5million. Other lenders require a fee of around 1%.
Most private banks require at least £1million held as assets under management (AUM), whereas this lender requires only the equivalent of $100,000 (USD) to be held as AUM in order to secure lending.
Enness has a multi-lingual, specialist team based in London, Dubai, Monaco and Jersey who lead the discussion with absolute professionalism and discretion. We are ready to assist with your UK remortgage process.
