Overseas clients are seen as crucial for growth by UK mortgage brokers, but challenges remain finding lenders, research from RAW Capital Partners has found.
A survey of 300 brokers revealed that 35% frequently work with non-UK residents, while 62% are looking to expand in this area.
Demand from overseas has increased for 60% of brokers over the past five years, with 63% expecting it to continue rising.
However, 66% of brokers reported new Government policies under Labour require more support for overseas clients, especially with Stamp Duty and rental regulations.
Additionally, 62% feel there are too few lenders willing to work with non-UK clients.
Tim Parkes, CEO of RAW Capital Partners, said: “The demand for UK property from overseas investors remains perennially high, and brokers are clearly responding to this by actively seeking out ways to grow their client base internationally.
“Indeed, with economic turbulence commonplace across many countries around the world, we’ve seen investors shifting focus to the UK to reap the benefits of its historically strong, stable and resilient property market.”
Parkes added: “However, the inability or reluctance of mainstream mortgage providers to lend to non-UK residents, typically because of the extra due diligence required, has left brokers and international buyers in a difficult position.
“Now, with many brokers expecting interest from international buyers to rise in the coming years, it is more important than ever that the specialist finance sector fills this gap.”
