Over a quarter of mortgage intermediaries are looking to move into working with expat clients, according to research from Suffolk Building Society.
The survey found that of the 26% seeking to offer their services to expats, 39% plan to do so in the coming year.
Helping borrowers who may struggle to get a mortgage was cited as one of the most rewarding aspects of expat businesses by 64% of brokers.
The research, which was commissioned to find out about intermediaries’ views on niche areas of mortgage lending, also found that 44% of brokers find working with clients around the world interesting, and 40% enjoy the challenges associated with complex expat cases.
Other reasons brokers found their expat work rewarding included being likely to get referral business from tight-knit expat communities (22%) and enjoying working and building relationships with a smaller group of lenders (20%).
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said that expat borrowers represent an attractive opportunity for brokers to grow their business and build long-term client relationships.
“While it’s a more complex area of the market, embracing this can help intermediaries access a wider pool of potential borrowers and establish valuable referral opportunities within international communities,” she said.
“In the current market, it’s always good to consider alternative types of customers. As well as the immediate mortgage opportunity, successfully helping an expat client can lead to repeat business, referrals and relationships that continue as their financial circumstances and property needs evolve.”
She added: “We see firsthand every day just how valuable specialist mortgage brokers are to UK expat borrowers. From navigating overseas income and different currencies to international credit profiles and lender-specific criteria, their specialist knowledge can save borrowers considerable time and help them find a mortgage that’s genuinely suited to their circumstances.”
