Are you a Non-Resident Foreigner buying a Property in the UK?

Certain financial instruments, known as Foreign National Loans, are meticulously crafted for investors intending to acquire real estate in nations distinct from their citizenship or habitual residence. These lending instruments are explicitly tailored to the distinct requirements and situations of foreign nationals and non-residents, thereby facilitating more accessible real estate financing. Abiding by international financial protocols, they effectively address and mitigate typical challenges associated with transnational property dealings, enhancing the feasibility, simplicity, and legality of owning property abroad.

Novyy is a specialist lending aggregator helping foreigners seeking to own investment properties in the UK. Our unique SPV structure assists buyers to take investment properties on their own, with their friends and family members.

No, capital raising is available for non-individual customers who wish to buy more than £5 million worth of assets for commercial purposes. For example, if you are a B&B operator based abroad and wish to expand your business to the UK, we can partner you on the lending front as well as assist in asset management.

Yes, some lenders offer loans to foreign nationals, but they usually require the applicant to have a valid resident visa status in the UK. The eligibility requirements and terms vary with lenders. Novyy is able to offer financing to foreign nationals via UK Limited Company structure. 

Yes, although the number of lenders offering such a product are far and few, Novyy specialises in financing non-resident foreign nationals, especially high net worth individuals and non-individuals seeking a to invest in UK residential for commercial purposes.

No, Buy To Let mortgages are not regulated by the FCA (Financial Conduct Authority) in the UK.

Yes, the UK is a free market, and everyone is welcome to buy properties here. If you are a non-resident foreigner, you will be required to buy it in a Limited Company. Mortgages are available from some lenders to non-residents who lack a permanent residence in the UK. Novyy is one of them, a specialist provider offering up to 75% LTV on investment properties.

The initial costs include (a) the application fee and (b) the valuation costs. Application fee covers our initial costs of verifying your application and ensuring you are a genuine buyer. Valuation cost is a pass-through – this is the fee charged by a panel of RICS valuers to carry out a full valuation of the property you intend to purchase.

You can start a conversation with us once you have decided to buy a property in the UK and you seek a financing solution for the purchase. Usually, our role starts once you have identified one or more properties you’d like to buy.

Once you have identified one or more properties that you want to buy, fill up our online application form at https://www.novyy.com/foreign-national-loan-application-form and make a payment of the application fee. We will then review your application and let you know if the property you want to buy is marketable. At that time, the next course of action would be to instruct a full valuation.

Valuation cost depends on the size of the property and can range from £200 for 1-bed apartments to thousands of pounds for multi-million-pound properties. If you are buying something between £200K and a million pounds, your valuation cost can range from £200 to £2500.

Once the valuation is instructed and paid for, the valuer provides a valuation report in about 2-3 weeks. If the market value shown by the valuation report is inline with the price offered by the vendor to you, we can proceed to full underwriting and offer. If the valuation is lower than the price offered, you can discuss with the vendor to try for a reduction in price. Once the vendor and you have agreed to a price, we will proceed to underwriting and solicitor instructions.

Interest rates vary from time to time and are published on one of the sections above. These rates are determined by the Bank of England Base Rate (BBR) and are advised by our senior lenders. Make sure to see the rate at the time of application.

Other than the purchase price agreed between the vendor and yourself, you must make a provision for SDLT (Stamp Duty and Land Tax) and our Completion Fee which is a % of the financing amount. Our completion fee is all inclusive and takes care of all legal and accounting expenses associated with the completion of the purchase.

You must have enough money to cover (a) the equity component of the purchase, i.e. the purchase price less the loan amount, (b) SDLT and (c) our Completion Fee.

Usually, we are unable to assist in finding a property for our FNL clients as there are thousands of properties on the market nationwide at any given time. If you are finding it difficult to find the right property, we can advise you on how and where to look. Alternatively, you can simply move to our Fractional Ownership or Portfolio Investing products where the assets are already purchased and set up in Limited Companies for individuals like you to buy.

Once the valuation is complete and a price has been agreed between the vendor and yourself, we will take 8 to 16 weeks to complete the purchase. During this process, the solicitors will perform a full title check and due diligence before drawing down the loan funds and your equity capital.

No, our all-inclusive fee includes provision of accounting and legal services provided by our retained firms as we have standardised the process for all international investors and automated most of it to save time and money.