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£1.5 million mortgage for Russian living in UK and paid in Rubles

Our Russian client who runs a successful business in Russia, moved to the UK 12 months ago to establish a business here.

His income was derived from his Russian company and his income was derived in Rubles.

After renting a property in southwest London, he found a larger family home to purchase and asked for help to secure a £1.5 million mortgage.

Solution

Trinity approached the large loan lending team at a high street bank specialising in mortgages for foreign nationals with income generated overseas.

The bank has a generous interest-only mortgage policy and it offers some of the lowest fixed and tracker rates across the market. 

Case details

Property: House in central London

Value: £2,700,000

Mortgage: £1,500,000

Rate: 1.24% fixed until 30 June 2019

Reversion rate: The bank’s standard variable rate, currently 3.69%.

The overall cost for comparison is 3.5% APRC representative.

Lender’s arrangement fee: £1,495

Mortgage term: 25 years

Repayment type: Full interest-only

Loan-to-value: 55%

Early repayment charge: 2% until 30 June 2018, 1% until 30 June 2019.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £1,500,000 payable over 25 years, initially on a fixed rate for 24 months at 1.24% and then on a variable rate of 3.69% for the remaining 23 years, would require 26 monthly repayments of £1,525.51 followed by 274 monthly repayments of £4,539.62. The total amount repayable would be £2,759,819.83 made up of the loan amount, plus interest (£1,283,519.83) and fees of £1,499. The overall cost for comparison is 3.5% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

If you are a foreign national looking to secure a mortgage, call Trinity Financial on 020 7016 0790.

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