UK Mortgage / London Mortgage
MortgageWise, a boutique mortgage consultancy firm based in Singapore, now brings you the most comprehensive solution for all your property investments needs in UK be it for a new purchase or remortgaging of existing loans. And we cater to all investors in UK property whether you are foreign or local to Singapore. Brexit or not, the City of London or the financial district of London, remains one of the global financial powerhouse of the world which will continue to attract global talent with its long established rule of law, investor protection, use of English as working language, its Ivy league of education institutions, and now the growing community of startups and fintechs touting it the Silicon Valley of Europe.
Besides giving you the lowdown on all financing options in both SGD or GBP from banks in Singapore, for those with loans of above GBP300,000, we have tied up exclusively with our strategic partner in London to bring you the most attractive buy-to-let packages from private banks in UK as well, with GBP financing tracker & discount rate packages.
Why Financing From Singapore Banks?
- Number 1 Reason: You have a choice of financing in SGD or GBP! Notwithstanding that financing in a currency other than the currency of the purchase (or asset) carries risk, investors outside of UK are already exposed to currency risks the moment they buy as their domiciled funds are in another currency to start with. It is the active management of this risk which can be turned in a reward, for example some Singapore banks may allow for switching of currency during the tenure of the loan. Speak to us to find out more.
- Relationship With Singapore Banks: Singapore banks are well-capitalized and Sing Dollar has long been regarded as safe haven currency in this part of the world. Global real estate investors who place AUM (assets under management) with Singapore private banks or who apply for a Preferred Banking account with min S$200,000 will open up even more leverage options for their overseas property investment. Speak to us and we will connect you to the best player for your global real estate investments and solutions.
What Else You Need To Know
- Location Of Property: Generally banks in Singapore lend only for purchases in Central London (Zone 1-3) and subject to approved projects. If you are interested in financing options in other cities like Manchester and you have a purchase price of GBP500,000 and above, we can help you access loans from UK lenders
- Property Specs: The property purchased must be residential unit with internal built-in space (not including balcony, air-con ledges etc) of more than 50 sqm. Landed (eg. brownstone house) within the required zoning of the respective bank must be completed and purchase settlement in one single disbursement. For financing of commercial properties in UK, we have access via our UK partner.
- Use Of Property: Strictly for buy-to-let or investment only.
- Purpose Of Loan: This can be for purchase from developers or resale market, or re-mortgaging from another bank in UK/Singapore.
- Loan-To-Value (LTV): Most banks extend up to 70% for Singapore citizen & PRs, and up to 60% for foreigners who are not residing in UK
(1) You must not be a tax resident of the UK and residing in UK, this includes UK citizens and PRs. If you are residing in the UK, we can broker for you loans from UK private banks at a lower brokerage fee than market.
(2) At least one of the applicants must show the minimum income of equivalent of S$100,000 p.a., else pledging of AUM funds in Sing dollar will help to this end.
(3) For foreign-income, most banks will need 6 months of computerised payslip with 6 months of matching bank statements showing salary-crediting. Tax documents will is required as a secondary check. There will be hair-cut on income that varies from bank to bank, especially for self-employed income.
- TDSR (Total Debt Servicing Ratio): Singaporeans/PRs will need to show a lower required minimum income of just S$5,000 p.m. but is subject to TDSR not exceeding 60%. Hence taking a loan to finance overseas property will limit your purchasing ability for another Singapore property. If you like to set aside some of your “TDSR capacity” for Singapore purchases, we can get you to financing access from UK private banks for purchases above GBP500,000.
- MMR (Mortgage Market Review): With stricter financing guidelines in place in UK, high-street banks are finding it difficult to lend to overseas clients and to account for the higher risks involved due to offshore income, not all mortgage brokers in UK can get you the right package at the right costs
Speak to our dedicated team of mortgage consultants at MortgageWise.sg. We may be located physically in Singapore, but with our team of London property loan specialist bankers here and our partner in London, we are constantly connected via WhatsApp and calls and we have helped hundreds of overseas-based investors gain access to additional sources of leverage. To this end, we will endeavour to bring the best financing options to high net worth global real estate investors like yourself here in Asia or globally.
Receive $100 TANGS VOUCHER (Min S$500K Equivalent) When You Get A Loan Through Us!
Get the best rates be it in SGD or GBP from both Singapore & UK-based private banks (via our exclusive mortgage partner based in London). We bring you the most comprehensive solutions for your London & UK property financing needs
* terms apply
Select UK Property Below To See Latest Rates From Singapore Banks!
(Note: There is no fixed rate for UK property loans at moment)