Weatherbys Private Bank has launched an expatriate service designed for individuals who live abroad but for whom the UK is 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 Quentin Marshall, deputy head of private banking. “For the majority, securing a mortgage is a total nightmare experience as banks have either withdrawn from the market entirely or tightened their lending criteria to unacceptable levels. I firmly believe that Weatherbys Private Bank is different and can provide the solution.
“Our decisions are not based on credit scoring. We offer bespoke underwriting where each applicant is considered on their personal financial situation and circumstances enabling us to execute the transaction painlessly and smoothly.
“All borrowing facilities are assessed on their own merits and priced accordingly and our terms are flexible for the scheduling of repayments. Service excellence is at the heart of our offering and family values of careful stewardship and attention to detail underpin everything we do. The relationship we have with our clients is key to our success and delivering an unrivalled level of personal service remains our highest priority.”
The ex-pat lending service offers bespoke underwriting with decisions not based on credit scoring. Each applicant considered on their personal circumstances and assets can be taken into consideration such as investments, guarantees or land, the bank says. Loans size ranges from £500,000 to £5,000,000 and loan to value is up to 65 percent. Standard loan facility is interest only and the normal term is five years. Facilities up to ten years can be considered. The terms will be flexible so an individual can plan repayments around bonuses and other income.
Those using the service will also get a dedicated private banker and access to accounts in sterling, dollar, euro and “other major” currencies. The bank also claims to offer “competitive” exchange rates for all major currencies as well as forward contracts and options to assist with hedging currency risk.
Founded in 1770, Wellingborough, Northamptonshire-based Weatherbys is one of the two remaining family owned banks (along with C. Hoare & Co) in the UK. As well as its headquarters it has offices in London and Edinburgh. It reported pre-tax profits for the full year 2015 of £5.25 million.
The bank’s chairman, Johnny Weatherby, was named as a 2017 PAM 50 Most Influential.