As buy-to-let demand remains under strain, brokers say expat and overseas enquiries are becoming a vital source of completions
Expat and overseas enquiries are becoming a key source of work for UK mortgage brokers, helping to stabilise pipelines as standard buy-to-let activity remains under pressure.
Research from Butterfield Mortgages, based on a survey of around 300 UK-based brokers, found that around 77% have seen an increase in enquiries from non-UK residents over the past five years. Australia and Oceania were cited most frequently, highlighted by 49% of respondents, followed by Central America and the Caribbean (45%), Europe (39%) and Africa (36%). East Asia was referenced by nearly a third of brokers, around a quarter pointed to North America, and just 4% selected South America.
Brokers say the rise in overseas interest reflects a mix of pricing shifts, recent rate movements and deal-driven urgency. Guy Nyirenda of Altura Mortgage Finance said his firm has seen “a few enquiries increase from expats and foreign nationals for both refinance and purchases,” which he linked to “the lower mortgage interest rates being released recently and also the softening of property prices to make UK property investment more attractive.”
That demand is not purely opportunistic. Nyirenda said timing pressures are also feeding activity, with “some London development projects heading towards completion,” meaning overseas buyers “need to secure their mortgages to complete their purchases.”
At the same time, the lending landscape for non-UK resident borrowers has broadened. Nyirenda said there has been “a steady increase in the availability and competitiveness of mortgages for Non-UK resident borrowers in recent months,” with more lenders coming to market. While “traditional Building Societies have always been strong in this space,” he added that “more challenger banks [are] entering the market due to the higher margins on offer.”
Despite greater choice, operational strain remains a feature. Nyirenda said “timescales across all lending has lengthened in recent years,” reflecting wider market conditions. Due diligence on these cases “has always been high,” he said, with rising demand now putting additional pressure on processing capacity.
For many brokers, however, overseas and expat enquiries are helping to cushion a slowdown in more conventional lending. Nyirenda said that while “standard BTL lending enquiries have reduced,” the increase in overseas business has “offset this somewhat,” adding that these cases are often need-driven and “a higher percentage often lead through to completion.”
Others suggest international demand is returning steadily rather than surging. Paul Welch of Million Plus said he is seeing “a delayed response now we have budget certainty,” which “feels like growing,” even if it remains “below industry norms.”
