Union Bank office
Nigerians planning to invest in the United Kingdom (UK) Property market can now heave a sigh of relief as Union Bank UK, a member of the Union Bank of Nigeria Group, is set to facilitate such investments.
The bank has put in place buyâ€toâ€let mortgages to purchase properties in London, and across the UK, for Nigerian citizens, both living in Nigeria and overseas.
THISDAY checks revealed that this type of type of investment is proving increasingly popular with Nigerians, but finance can be hard to obtain from UK banks for anyone not living in the UK.
However, Union Bank UK can now step in to facilitate the investment. Commenting on the bank’s mortgage product, Associate Director Retail Banking, Union Bank UK, Stuart Hulme said “What gives us an edge over competitors, and makes us the best choice for Nigerians buying property in the UK, is our flexibility. We look at each transaction on its merits and don’t have high minimum borrowing thresholds, unlike the other Nigerian owned banks in London. We will lend up to 70 per cent of the value of the property for up to 10 years, making UK property investment a viable proposition for many Nigerians.”
He explained that the bank can even introduce customers to independent property acquisition agents in the UK to help them find the right property for them.
“The whole process can be completed without the need to leave Nigeria,” Hulme assured.
Speaking in the same vein, the Head of Business Development of the bank, Sunny Igunma, said:“We are open for business and ready to talk to anyone interested in a UK mortgage.”
Investments in UK property continue to provide good capital growth and rental yields, especially in London and the south east. Despite the continuing difficult economic conditions, house prices in London rose by 8.4 per cent during 2012.
In the same period the FTSE 100 index of the top UK companies increased by just 3.5 per cent, whilst interest rates have been at a historic low of 0.5 per cent since 2009. Landlords in London saw average yields of 5.7 per cent on their property in 2012, with average monthly rental income standing at £1,212, an annual increase of 6.9 per cent.http://www.thisdaylive.com