When Luther Yeates left his Cornish roots for university in Bristol, he didn't set out with a clear plan to revolutionise the expat mortgage market
When Luther Yeates left his Cornish roots for university in Bristol, he didn’t set out with a clear plan to revolutionise the expat mortgage market. Yet, through a blend of curiosity, adaptability, and a keen sense for opportunity, Yeates has become a trusted name for UK expats seeking property finance from afar.
An accidental path with purpose
Yeates’ route into the mortgage world was anything but conventional. “I knew I wanted something advisory,” he recalls, reflecting on his banking and finance degree. While exploring options in Bristol, he gravitated towards mortgage firms rather than IFAs and soon landed a trainee broker role with a company focused on bridging loans.
“They hadn’t had a trainee before, so I had to find my own way,” he says, with a smile that suggests he wouldn’t have wanted it any other way. That independent streak served him well when he stumbled upon a niche that would soon define his career.
It was there he first encountered the challenges of expat lending a market still in its infancy at the time. “We had a few enquiries from overseas clients, and I thought, I’ll have a hunt around and see what’s possible.” With lenders like Marsden Building Society experimenting with expat products, Yeates spotted a rare opportunity to grow alongside a developing sector and help shape it from within.
Building a business for the global Brit
As his reputation grew, so did his client list, a mix of high-earning UK professionals and an increasing number of expats looking for clarity in a confusing marketplace. The decision to set up his own firm came naturally.
“Orton came first,” Yeates explains, referring to his directly authorised business. “But launching UK Expat Mortgage really defined what we’re about. If you’re an expat and you find a firm called that, you instantly know what we do.”
Digital roots, global reach
In true modern fashion, Yeates built much of his early success online. “Most of it was initially web-based,” he says. “People would find us through search, and then the referrals followed.”
As the business matured, partnerships with specialist accountants and relocation firms strengthened its reach. Face-to-face connections are now the next frontier. “Next year I’ll be spending some time in Saudi Arabia,” he notes. “We’ve got a lot of clients there who say, ‘If you actually come out and sit down with us, there are plenty of people who’d want to talk.’”
Navigating the expat mortgage maze
So, what makes an expat mortgage different? “It’s a lot more manual,” Yeates explains. While UK-based borrowers benefit from quick digital checks and automated systems, expats face a slower, more paper-heavy process.
“You lose a lot of that electronic data. Everything becomes manual, certified documents, employer references, PO box addresses.” That complexity comes at a cost: interest rates are typically 1.5% to 2% higher, with additional valuation and legal fees that domestic borrowers often avoid.
Eligibility depends heavily on country of residence and income. Lenders like HSBC offer the closest thing to mainstream products, but most assessments still take several days, with offers often stretching into weeks. “It’s rare not to have questions back,” Yeates admits.
Who are the expat borrowers?
Yeates’ typical client? “Usually in their 30s or 40s, technically skilled, and working abroad, often away from family. Most plan to return to the UK eventually,” he says.
Popular expat hotspots include the US and Australia, though both bring unique banking quirks. “Australia’s particularly tricky, there are some archaic banking laws,” Yeates notes. Meanwhile, Asia draws a steady stream of teachers, and high-risk regions require robust employer backing.
Trust, transparency and tech
With clients spread across the globe, Yeates knows that trust is everything. “We’re upfront about everything, costs, timings, expectations. If you’re thousands of miles away, the last thing you want is surprises.”
Communication is constant and informal, WhatsApp, he says, is a lifeline for clients scattered across time zones. “Word of mouth is huge for us, and that only comes from consistent service.”
Technology underpins it all. The firm uses Keychain, a client portal designed to handle foreign currencies and international addresses, and has integrating AI tools, though Yeates has his sights set on a bespoke system.
Away from the spreadsheets and strategy, Yeates finds balance in the sea. An avid surfer and open-water swimmer, he returns to Cornwall whenever he can to catch waves and clear his head.
“There’s nothing quite like the clarity you get from the ocean,” he says. “It’s where I recharge.”
With plans to expand his team, particularly back in Cornwall, where mortgage opportunities for young brokers are scarce, Yeates is intent on creating local jobs and giving back to his roots.
“It’d be great to open something down there, create opportunities, and fill a gap that’s definitely here,” he says.
His advice for expats thinking about buying back home is refreshingly simple: “We need very little information to give you a clear picture of what it’ll cost, what lenders will charge. Transparency is key. That’s what our business is built on.”
