In an ideal world, borrowers would simply approach lenders directly for a UK mortgage. However, this isn’t always practical and won’t always result in you obtaining the best offer.
If your situation is relatively simple (both in terms of the UK property you want to buy, the mortgage you require, and your finances), approaching lenders directly can be ideal. In this situation, approaching lenders yourself may be worth exploring if you have the time and wherewithal to do so. Many international lenders have a presence in Jersey, and for plain vanilla or relatively low-value UK property purchases, they will offer excellent mortgages.
However, sometimes things may not be so simple. If you approach lenders directly, you can only judge the market based on offers you source yourself. Liaising directly with lenders can also be time-consuming and
disheartening if you are rejected – especially by a lender who you thought would be the "go-to" for you, which happens surprisingly often.
Many of Enness’ clients are hugely sophisticated and knowledgeable when it comes to financing. Even then, approaching lenders can be challenging if you aren’t sure about how best to present your situation or how to showcase your assets to their best advantage. Not every lender can cater to every situation, and where one lender won’t have any appetite for a £1 million London buy-to-let investment, another will welcome you with open arms. The trick for any UK mortgage is knowing which lender to go to, how to maximise your assets and what a lender wants to see to satisfy their lending criteria. All in all, it’s very challenging to deliver all this if you are operating alone.
Lastly, while you may suspect that private banks or niche lenders will offer you the best deals (and in many cases, you will be right), you will also find it difficult to approach these parties directly. Many of these firms prefer introductions, and some can reject applications outright if you don’t have access to the right teams or contacts who are best placed to understand and handle your request.
In situations where your background is more complex, working with a partner like Enness will be beneficial. Enness has access to more than 500 lenders and knows precisely where to go to get the best UK mortgage that meets all your requirements.
Working with Enness for a UK mortgage can be helpful when you:
- Have significant wealth, assets or income outside Jersey that you could use to reduce your overall headline rate.
- Generate multi-currency income or revenue from various sources which high street lenders can’t or won’t consider as part of your application.
- Have a relatively low monthly income, or you have a high income, but you receive it sporadically.
- Would like to explore "non-traditional" or short-term lending for your UK property finance (Lombard loans, a bridging loan, etc.)
- Derive your income from a business or if you are self-employed.
- Wish to buy a high-value property, explore a high LTV mortgage, etc.
- Have a situation that you feel puts you in the position of being able to negotiate rates and terms (potential to put AUM, you are very liquid, you will come into significant capital in the next few years, etc.)
- Have been turned down for a mortgage for a variety of reasons through your own research.
- Simply wish to save time
In many cases, you may fall into multiple categories or have a completely unique position – Enness will still be able to help. Whatever your situation looks like, Enness will help you approach lenders, prepare your application and will always negotiate the best terms on your behalf.