Weatherbys launches private banking service for British expats

Added 17th March 2017

Weatherbys Private Bank has launched a service for British expats offering cross-border private banking and cross-currency mortgages.

Weatherbys launches private banking service for British expats

The UK-headquartered firm said the service is aimed at individuals who live abroad but still consider the Britain as their long term home.

“Many of the millions of British expats living and working abroad would like to own property in the UK, particularly in preparation for their return,” said Weatherbys deputy head of banking Quentin Marshall.

”For the majority, securing a mortgage is a total nightmare experience as banks have either withdrawn from the market entirely or tightened their lending criteria to unacceptable levels.”

Expat mortgage lending

Last year, British banks RBS and Natwest said they would no longer offer mortgages to expats, which included those expat customers requesting additional borrowing. However, applications will still be considered from serving members of the armed forces, UK diplomats and UK consular staff.

Meanwhile, Weatherbys lending service provides loans between £500,000 and £5m ($6.1m, €5.3m) with a loan-to-value of up to 65%. The bank said that the standard loan facility is interest only with a five-year term, extendable to 10 years. 

Weatherbys will offer sterling, dollar, euro and other major currency current accounts. Customers will have a dedicated private banker and access to telephone, online and mobile app banking. 

In FX it is offering forward contracts and options to assist with hedging currency risk. 

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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