Our client asked for help to secure a £1 million+ remortgage on his family home in London.
He planned to use just over £560,000 of the funds to repay his existing lender and obtain a lower rate. The remaining £890,000 would be used to purchase a buy-to-let property.
As a British expat working for a multinational company overseas, he earned a generous salary although it was paid in Euros.
While he is working overseas, the client’s wife and children remain in the London home.
Trinity approached a high street lender offering foreign income mortgages to expats, providing their family live in the UK based property.
The lender was happy to use his Euro income and offer a competitively priced two-year fixed rate mortgage.
Property: House in central London
Rate: 1.34% fixed until 02 July 2019
Reversion rate: The bank’s standard variable rate, currently 4.49%.
The overall cost for comparison is 3.69% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 15 years
Repayment type: Capital repayment
Early repayment charge: 3% until July 2019.
Overpayments: Up to 10% per annum without charge.
Representative example: A mortgage of £1,455,000 payable over 15 years, initially on a fixed rate for 25 months at 1.34% and then on a variable rate of 4.49% for the remaining 13 years, would require 25 monthly repayments of £8,933.92 followed by 155 monthly repayments of £10,819.92. The total amount repayable would be £1,900,650.85 made up of the loan amount, plus interest (£444,426.85) and fees of £999. The overall cost for comparison is 3.69% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure an expat mortgage offer, call Trinity Financial on 020 7016 0790.