Nomo Property Finance is growing quickly, and we’ve been processing offers for lots of different customers in Kuwait, the UAE and KSA.
If you’re wondering whether your Nomo is right for your clients, here are some examples of the type of customer we are currently working with…
Indian national, resident of the UAE, employed in the oil and gas industry. This customer was looking to purchase a BTL property at 70% FTV. The rental didn’t meet the FTV on a self-servicing basis, but our underwriters were able to use some of his surplus income to cover the shortfall.
- British banker, living in Kuwait, wanted to purchase a million-plus home in prime central London at 75% FTV. He wanted the property to come and stay at when visiting the UK. The broker was able to submit the application on our portal, and we were able to use his bonus income from his previous and most recent employer to assist with affordability.
- Kuwaiti resident, who having just been let down by his existing lender and was at risk of losing the property, came to us last minute. We turned the case around, saving his deposit and new-build property purchase in Manchester.
- Kuwaiti resident who was paid in the local currency was looking to purchase a new-build property in Birmingham as a residential property, as his work required him to travel to the UK on a regular basis. We used his full income from his employer including housing allowance, and agreed to 75% FTV.
- British expat living in the UAE, hoping to purchase a new-build in Manchester as a BTL, was looking for 70% FTV. He was paid at his work in the local currency, and we were able to provide evidence and use his full income without a currency haircut to support the rental stress test, not meeting on a self-servicing basis.
Here’s a quick reminder of why brokers and introducers go with Nomo…
Clients do not need to have a UK credit footprint or a UK bank account – we will open this as part of the application process
- No upfront application costs
- We will pay for the first valuation
- We will go up to 70% FTV on BTL and 75% on resi, including new-build flats and houses
- We are able to use clients’ income to top slice if it does not meet ICR cover self-servicing
- No min. income threshold
- We can consider FTB/FTL
- Fixed 2 and 5 year products starting at 5.92%
- Fully Sharia-compliant product
- Expats and foreign nationals considered from Saudi Arabia, Kuwait and UAE
Please follow this link to our website to learn more: Nomo Bank | UK Sharia-compliant digital banking
For further details or enquiries or getting access to submit a residential case, please call 02076180068 or email bdm@nomo.bank