MORTGAGE

Few financial institutions in the UK provide mortgage lending to citizens of Russia and the CIS due to the difficulty of verifying their income and sources of deposits. However, it is possible to get a mortgage in the UK, and this applies both to foreigners living abroad and buying British property for themselves or for rent, and to foreign residents of the UK (with permanent residence or a work visa). The main difference is the level of interest rate and banking conditions provided to these two categories.

LondonDom can assist its clients in obtaining mortgage loans for the purchase of British property – we cooperate with leading banks and brokerage houses both in the UK and offshore. At the same time, before applying to a particular bank, we strongly recommend that you consult with our Russian-speaking mortgage broker in London, who will give a full consultation, assess your chances of obtaining a loan and help you present your application in the best possible light.

Both our mortgage brokers and banks consider each individual case individually and it all depends on the circumstances of each client, but as a rule, the loan amount is the applicant’s official annual income, multiplied by three. To apply for a mortgage to buy property in the UK, the following standard package is required:

  • Passports (internal and foreign);
  • Confirmation of the actual address of residence (one of the utility bills for the last 3 months);
  • Tax returns for the last 3 years;
  • List of assets and liabilities certified by an independent accountant;
  • Bank statement showing regular income (salary, dividends) for the last six months;
  • Proof of Income – letter from employer on company letterhead confirming salary for the last 6-12 months plus bonuses for the same period. Annual income should be 3-4 times less than the loan amount;
  • Fully completed and signed detailed application form for a mortgage loan
  • Any other financial documents that may help in obtaining a loan – proof of investment, ownership of shares and securities, bank deposits, inheritance, dividends.

The term for consideration and issuance of a loan is 1-2 months. For non-residents in the UK, it is usually possible to obtain a mortgage loan (mortgage) up to 70% of the purchase price of residential property.

The standard loan term is 25 years, but if desired, it can usually be repaid after one year. The interest rate on mortgages in England is usually fixed and ranges from 2 to 4 percent.

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