Over a quarter (26%) of mortgage intermediaries who do not currently work with expat clients said they would like to get into this area of business, research from Suffolk Building Society finds.
The survey found that 39% of these brokers plan to do so within the next 12 months.
The research, which sought intermediaries’ views on niche areas of mortgage lending, found that for 64% of brokers, helping borrowers who may find it difficult to get a mortgage otherwise is one of the most rewarding aspects of expat businesses.
44% of respondents said working with clients around the world makes for interesting work, while 40% claimed they enjoy the challenges that come 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: “It’s great to see more brokers keen to work with expat clients. These borrowers represent an attractive opportunity for brokers to grow their business and build long-term client relationships.
“Whilst 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. 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.
“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."
