Speaking on a Specialist Lending Solutions TV debate in association with Market Financial Solutions (MFS), when asked how the market had changed towards overseas buyers, James Riley, mortgage consultant at Oriel Finance, said: “The market has significantly improved over the last few years and it’s now at a level where there is an option for most international investors.”
As for challenges faced, Riley said the process could be more complicated depending on the property being purchased. He said the new-build market was very active, while second hand property purchases were sometimes “restrictive”.
He said the seller was “completely free to pull out of a purchase at any point up until exchange of contracts, which often isn’t until the very end of the process”. He said for this reason, it was important for brokers to hold their client’s hand through the process.
Richard Rinder, associate partner sales manager at Oriel Finance, said that historically there were fewer entrants to the market and the process was not as stringent.
However, as the market had grown, lenders started to realise it was a segment worth paying attention to.
“And with that comes development and more options,” he said.
Zahira Fayyaz, senior business development manager at MFS, said the lender was less restrictive in its own approach and would assess assets on whether they are fit for purpose and generate income.
Watch the video [10:54] hosted by Shekina Tuahene, commercial editor at Mortgage Solutions, featuring Zahira Fayyaz, senior business development manager at MFS, Richard Rinder, associate, sales manager for Oriel Finance and James Riley, mortgage consultant at Oriel Finance.
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