10 QS WITH ISLAY ROBINSON, CEO OF ENNESS GLOBAL MORTGAGES
1.) Who are Enness Global Mortgages?
Enness was founded in 2007 in London to offer market-leading mortgage advice to international and high net worth individuals. Today we have offices in London, Monaco, Dubai, Jersey, and Ibiza with a new office in Geneva coming this year. We offer mortgages to people worldwide secured against prime real estate in all major international cities via hundreds of different lending sources.
2.) Why did you set up the company?
Hugh and I both worked at a leading London mortgage broker, focused entirely on people in the UK buying property predominantly in London. That company focused on people who 'fitted the box' and did very well as the property market boomed from 2003 -2007. Hugh and I and noticed a gap in the market for people who didn't fit the box. Entrepreneurs, business owners, foreign nationals and complex borrowers, and so on, for example. We decided to set up on our own to service this market at what turned out to be the worst time possible – at the very start of the global financial crisis in 2007.
While the start was hard, it did force us to rapidly re-imagine the business, and we worked very hard to find as many lenders who could lend in a market where very few lenders were lending. We quickly made a name for ourselves in solving complex, high value, and international mortgage problems. The business grew organically and rapidly from there.
3.) What services do you offer?
We work with people from all over the world, buying or refinancing real estate. We offer every type of mortgage – residential, buy to let, commercial, and bridging finance. Our core markets are places with expensive properties and an evolved lending market – London, Paris, South of France, Monaco, Balearics, the French Alps, and Switzerland. We are becoming more active in prime American cities (New York, Miami, and LA) as our reach grows.
All we do is arrange mortgages. We don't get involved in wealth management, insurance, or anything other than helping people borrow money.
4.) Who are your clients?
Our clients are very diverse. They range from A-lister pop stars, professional sportspeople, business owners, and entrepreneurs through to wealthy families, leading finance professionals, and everyone in between. They come from over the world – in 2019, we arranged mortgages for 78 different nationalities. That said, we don't have a minimum loan size or need a minimum net worth.
We have some great stories. For example, working with individuals who can't get a mortgage from the leading banks because they have just started a business and don't have an income—then working with them again at the other end of their journey – when they can't get a mortgage because they have sold their company for tens of millions of pounds and again can't get a mortgage because they don't have any income! Of course, privacy and discretion are vital in our marketplace, so we can't drop names (although we wish we could!)
5.) Why do people like that need help with, or even need mortgages?
It's a misconception that wealthy people don't use mortgages – there are loads of reasons to do so from tax, liquidity, planning, and flexibility. With rates so low at the moment, it seems a waste not to borrow money.
At the same time, it's pretty tough to borrow money, especially if your circumstances are complicated, you are borrowing money in different countries or if you are wealthy. Lenders can hard to deal with, the market is very fragmented, some banks are more interested in managing wealth then lending money, and the process can be complicated and time-consuming.
We work exclusively on the side of the borrower, access the entire market, solve problems, control the process, and of course, do all the negotiation on the borrower's behalf.
6.) What kind of lenders do you use?
We are unrestricted in what lenders we use and will work hard to find the best possible solution, whether that's the lowest rate, highest gearing or amount, quickest time frame, or simply just the only lender who will lend. The banks range from the ones on the high street to global private banks, regional building societies, private funds, and specialist lenders.
7.) What kind of interest rates are typically available to high net worth borrowers?
Rates can be as low as 1% per annum in the UK and Europe if you are a 'prime' borrower with provable income OR assets and looking for a reasonable loan to value against your prime residence.
That kind of pricing is very controlled and hard to access, so most borrowers at the moment for residential property will be in the 1-2% range. For buy to lets, commercial, or more specialist lending, almost everything individually negotiated, which is why you need someone on your side.
8.) What do you think about the prospects Mayfair property market?
Mayfair is one of the most desirable property markets globally. London still has an incredible international pull, and the standard of building is increasing all the time. With the amenities, restaurants, schools, and security aspects, I can't see anything affecting the market. The only downside is its density and lack of properties with gardens/outside spaces, which have moved from a 'nice to have' to vital under current circumstances. As a result, we are seeing some international buyers favour more leafy areas of Belgravia and Notting Hill; however, Mayfair is always a favoured location.
Photo credit: Clivedale
9.) Which is the best / stand out development in Mayfair
There are quite a few at the moment - CLARGES MAYFAIR, THE BRYANSTON, Mayfair Park Residences, the residencies at the Mandarin are all worth a mention, but for me, 20 Grosvenor Square by Four Seasons/ Finchatton is the stand-out development in Mayfair.
10.) What is your all time favourite restaurant?
34 on Mount Street is my absolute favourite for business and family dining (although if you are reading, guys, please add the spaghetti meatballs back to your menu)!
To find out more about Enness Global Mortages, please visit ennessglobal.com. To get in touch, please email info@enness.co.uk or call +44 (0)203 758 9393. Cover photo credit: Knight Frank Mayfair
