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.
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.
Property: House in central London
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
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.