Buying property in the UK
Note: As for all credits, the bank does not commit to grant a loan and that any credit is offered on a case-by-case basis and subject to the client’s specific situation. Skandinaviska Enskilda Banken AB (publ) is subject to the prudential supervision of the Swedish Financial Supervisory Authority, Finansinspektionen. SEB Luxembourg is furthermore supervised by the Luxembourg Financial Supervisory Authority, Commission de Surveillance du Secteur Financier (the “CSSF”), in its role as host member state authority.
Whether you're looking to buy a new property, refinance an existing mortgage, or switch from another bank, we’re here to support you right from the start. As a Nordic bank with a presence in the United Kingdom as well as extensive experience of UK mortgages, your dedicated client executive will support you in finding the right mortgage solution.
With access to our extensive network of local experts and global partners, we offer mortgages for properties primarily located in the Greater London area.
A few things to consider
- We offer a minimum loan amount of GBP 500,000 and up to 75% of the value of your property.*
- We offer a personalised amortisation plan including the option for an interest-only period. Depending on your financial needs, the tenor can extend up to 20 years.
- Our UK mortgages are provided in GBP and the interest rate is variable. By having your property and loan in the same currency, you limit potential foreign exchange risks.
- The mortgage is secured on the UK property itself. Additional collateral is not usually required.
We recommend that you reach out to us as early as possible in the process, always prior to signing any binding agreements. The mortgage process in the UK typically takes around 2 months. .
* This refers to the value according to the current open market valuation performed for the purpose of the mortgage application, or the purchase price of the property, whichever is lower.
Buying property in the UK: step by step
1. Loan application
Before finding a property that you want to buy you can apply for a preliminary credit approval. This gives you a mortgage decision in principle and is valid for six months. It enables you to act quickly when the right opportunity arises.
2. Valuation
Once you have found a potential property to purchase a valuation will be arranged. The Loan-To-Value (“LTV”) of your mortgage will be based on the lower amount of the purchase price and the external valuation. When we have the valuation and the mortgage application has been approved our UK lawyers will continue the process.
The cost for this valuation is charged to you.
3. The legal process
The UK solicitor representing the bank plays a central role in the mortgage loan process. The solicitor performs the due diligence on the property and arranges for the necessary registrations of the mortgage.
You will need to have your own conveyancing solicitor to assist you with the purchase of the property. In some cases, our UK solicitor may be able to represent you as well as the bank provided that they are satisfied that there is no potential conflict of interest.
4. Loan contract
When the due diligence procedure on the property has been completed by a UK solicitor representing SEB, we will send you the binding loan offer. After the standard 14 days reflection period, (which can be waived), we ask you to sign it and return it to us.
Before sending us the originals by postal mail or courier (DHL, UPS etc.) you should send us a scanned copy of the complete signed loan agreement.
5. Completion day
You do not need to be present at the solicitor's office on completion day. However, you will need to physically sign the mortgage documents in the presence of an independent witness beforehand. Your solicitor will then hold onto these documents until completion.
It is important to consider the tax implications of the transaction, which can differ based on your individual circumstances. Please note that we do not offer tax advice regarding UK mortgage loans. We highly recommend seeking independent advice from a qualified tax lawyer.
6. Enjoy your property
Congratulations!
Get to know more
Please reach out to your client executive or contact our international mortgage team to discuss how we can help you find the right mortgage plan.
Postal address : P.O. Box 487
L-2014 Luxembourg
Office address : Skandinaviska Enskilda Banken AB Luxembourg Branch
Royal Park, 29, Avenue de la Porte-Neuve, L-2227 Luxembourg
Switchboard : +352 262 31