We were approached by a British expat living and working in Turkey for a Saudi based communications company. He wanted to purchase a new home.
As he was paid in dollars and his wife and family lived in London, he was keen to find a mortgage lender happy to take this criteria into consideration.
Case details and solution
The fact that his wife and child were going to live in the property made it easier to secure a residential expat mortgage.
We applied to an offshore lender happy to consider income paid in dollars and provide a longer mortgage term because of his age and salary.
Property: House valued at £2.2 million located in London.
Loan amount: £1.4 million.
Lenders arrangement fee: 0.75% of the loan amount.
Rate: 3.68% five-year fixed rate mortgage.
APR: The overall cost for comparison is 4%.
Mortgage term: 23 years.
Repayment type: The mortgage was taken on a full capital repayment basis.
Loan-to-value: Approximately 64% of the property value.
Early repayment charge: 5% of the loan amount in year 1, 4% in year 2, 3% for the remaining three-years.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790. You can also email: email@example.com