deVere ‘surprised’ by expat demand
In January deVere United Kingdom launched deVere Mortgages as its own brand to cater for growing demand from Russia, Asia, the Middle East and the U.S.
Tom Elliott, deVere Group’s international investment strategist, said: “Currency weakness against the dollar is making Britain relatively less expensive than it previously has been and London becomes cheaper than other elite cities for international property portfolio investors.
“For this reason, interest has been particularly strong from expatriates from Russia, the Far East, the Middle East and the U.S.
“These individuals are taking advantage of the economic recovery, continuing strong demand growth and limited new building due to planning rules.”
deVere, which currently has 80,000 mainly expatriate clients globally, plans to increase its mortgage volumes going forward.
Kevin White, deVere United Kingdom’s head of financial planning, said: “We knew demand would always be strong from expats – hence the launch of the standalone division – because of the distinct investment advantages and because expats, typically, have a higher level of disposable income than those residing full-time in the UK.
“However, we have been pleasantly surprised by the high level of enquires so soon. These individuals are increasingly aware that they are typically deemed as ‘high risk’ by UK lenders and will therefore need mortgage advice from industry experts who have established relationships with the relevant lenders.”