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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.

Solution

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. 

Case details

Property: House in central London

Value: £2,750,000

Mortgage: £1,455,000  

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 

Loan-to-value: 53%

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.

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