Premier Expat Mortgages - my experience

Just wanted to share my experience with this company so that others are aware.

In September, I was seeking to buy a residential property in the UK, and contacted a Hong Kong based broker, Premier Expat Mortgages, which was recommended by a friend.

I was told that the company could secure a residential mortgage from an onshore based lender, based on my HK income for the multiple required. I was issued with a 'Terms of Business' document stating the information. The brokerage would not release the name of the lender as they would facilitate the introduction. I paid an application fee of GBP 245 for the introduction and to begin discussions with the lender.

From the discussions, the product was not a 'mortgage', but a 'Home Purchase Plan' which is a type of Islamic Finance product. This brings additional complication as interest cannot be charged by the lender, therefore, the name on the deeds of the property would be the bank. As this is my first property, and a non-standard product, I chose not to proceed and requested a refund.

As the 'Terms of Business' stated that the product offering was a 'mortgage' not a 'Home Purchase Plan', this appears to be a case of misselling by the broker. When I spoke with the bank they could not be clearer, and said word for word: this is not a mortgage.

The company now refuse to refund me the application fee, and have been holding onto the money for four months.