International & Expat · Buy-to-Let
Buy-to-let mortgage for a Singapore-based investor purchasing a London property off-plan
A Singapore-based professional wanted to purchase a new-build London flat off-plan, with a completion date 11 months from reservation. His income was in Singapore dollars, his deposit was held in a DBS account in Singapore and he had no UK credit history. We arranged a mortgage that exchanged alongside the developer's reservation deadline and completed on time.
Reviewed by Yazdaan Hussain · CeMAP qualified · LLB
1 September 2026
The Situation
Our client was a senior executive in Singapore's financial services sector, earning SGD 380,000 per annum in base salary with an annual performance bonus. He had identified a new-build development in East London — a studio flat at £385,000 — as a buy-to-let investment, attracted by the rental yield projections in the area and the capital growth prospects of the regeneration zone. The developer required exchange of contracts within 28 days of reservation, with a 10% deposit paid on exchange and the remaining 90% on completion eleven months later. He had no UK credit relationships, no UK bank account and his funds were held in DBS Singapore and OCBC Singapore accounts. He had contacted two UK brokers who had not been able to confirm a mortgage in principle within the developer's exchange deadline.
The Challenge
Off-plan new-build buy-to-let from overseas involves two separate timing pressures: the developer's exchange deadline (often 28 days) and the mortgage offer validity period (most offers are valid for three to six months, but completion is eleven months away). The exchange deadline required a lender who could issue a mortgage in principle quickly enough to allow confident exchange; the eleven-month completion window meant the offer needed to either be valid for the full period or the lender needed to agree to reissue it. The SGD income added currency conversion complexity — buy-to-let affordability is assessed primarily on projected rental income (rental stress test), but lenders still require evidence of the applicant's personal income and financial position, and the conversion methodology applied to SGD income varied between lenders. Source-of-funds documentation for a Singapore-held deposit had to be prepared in a format both the lender and the UK conveyancer could accept.
Our Approach
We identified a lender with appetite for non-resident buy-to-let who could issue a decision in principle within the developer's exchange window and whose mortgage offer validity was six months — with a documented process for reissuing a further offer ahead of completion at the prevailing rate. We prepared the source-of-funds documentation for the DBS Singapore deposit in the format the conveyancer required: three months of DBS and OCBC statements, translated where necessary, with a clear narrative covering the professional accumulation of the funds. The rental income assessment was based on the developer's rental projection validated against comparable local listings — a figure the lender's rental stress test supported on a 75% LTV basis.
The Outcome
Mortgage in principle issued within eight working days of instruction — inside the developer's exchange deadline. Contracts were exchanged. The mortgage offer was issued on the confirmed completion date and the purchase completed on time. The property is now tenanted and the buy-to-let mortgage is in place. The client is reviewing a second UK investment property.
Outcome
Mortgage in principle issued within eight working days of instruction — inside the developer's exchange deadline. Contracts were exchanged. The mortgage offer was issued on the confirmed completion date and the purchase completed on time. The property is now tenanted and the buy-to-let mortgage is in place. The client is reviewing a second UK investment property.
This case study is anonymised. The outcome shown is specific to this client's individual circumstances and is not indicative of results in other cases. Your mortgage is not guaranteed until a formal offer is issued. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Lockhart Murphy is a trading style of Mortgage Force (UK) Ltd who is authorised and regulated by the Financial Conduct Authority. FCA Number: 843041. Registered in England and Wales, Companies House No: 09394027.
- Singapore
- buy-to-let
- off-plan
- new-build
- SGD income
- Singapore dollars
- non-resident
- international investor
- London
- DBS
- OCBC
- overseas income
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