Buying property in the UK while you are in the country is a straightforward and straightforward process. But mortgages are a completely different story for expats.
While some consider real estate in the UK to be a good investment, other expats choose to return home.
Either way, applying for a mortgage is a vital step in the process, which the chief executive of financial advisory firm Shalchi & Partners describes as “complex and difficult to administer.”
And Hamza Shalchi speaks from his own experience. “I tried many times to get a mortgage while I was in Dubai, but I got very bored after six months of constant travel with various irregular requests. This process had no real structure. “
Significant savings in offer
“The pandemic has resulted in huge numbers of expats returning to the UK who needed to buy houses or simply re-register expensive expat mortgages into more run-of-the-mill residential properties that could save hundreds of pounds,” Shalchi said. said.
So nine months ago, he and Shalchi & Partners CEO Elliott Parkhouse teamed up with Simon Parfitt of the Hong Kong consulting firm Pyrmont Wealth to found Cedar Crest.
Their explicit goal is to help financial advice clients and expats anywhere in the world get a mortgage or get a better rate. Since Parfitt is based in Hong Kong, this service may be of particular interest to British citizens living overseas (BNO) in a Special Administrative Region (SAR) who have been offered the opportunity to move to the UK amid growing political unrest.
Shalchi said that expats can pay up to 4.5%, while “the best housing is only 0.99%.”
He cited the example of Andy, who recently returned to the UK with his family. “His advisor contacted Cedar Crest and within a week their mortgage rate was cut in half, saving him a small fortune.”
And it’s not that providers don’t want to offer mortgages to expats, he said. “Lenders see a well-paid expatriate as a good client.”
The challenge is to get the best rate from the right supplier with the least hassle – this is where Cedar Crest comes in, says Shalchi.
Expats would pay £ 1,250 ($ 1,716, € 1,459) for the service, with half paid upfront.
Shalchi added: “It may seem like a daunting process, but expats can save a lot by making one easy transition. The services offered through Cedar Crest are separate from our Shalchi & Partners business, so any consultant or client can contact us for mortgage support.
“Mortgage payments can represent a significant portion of your monthly expenses, so securing the best possible rate is a key component of good financial planning.”