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Trinity Financial recently helped a couple with a complex financial situation to secure a mortgage.

One of the applicants was an EU national based in London, and her partner was living and working in Belgium. The first applicant was paid in pounds and her partner in euros.

They had spoken to some high street lenders but struggled to get their mortgage agreed. 

Solution

Our broker approached a lender accepting foreign income mortgage applications with generous income multiples.

While the lender was happy to accept the application because the overseas borrower regularly came to the UK from Austria, it was harder to meet the affordability requirements. He was paid 13 times each year, and the lender requested more documentation to understand why.

Our clients required a five-times joint salary income multiple as the lender took a 25% reduction in his euro income to cover currency fluctuations.

We initially submitted the mortgage application to purchase a small flat, but the transaction fell through. It was resubmitted when they found another flat and increased the loan size as it was a bigger and more expensive property.

Case details

Property type: Flat

Value: £445,000

Mortgage: £400,500

Rate: 2.09% until 02 August 2021

Reversion rate: The bank’s standard variable rate, currently 4%.

The overall cost for comparison is 3.73% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 25-years

Repayment type: Full capital repayment

Loan-to-value: 90%

Early repayment charge: 3% until 02/08/2021

Overpayments: 10% per annum allowed

Representative example: A mortgage of £616,169 payable over 25 years, initially on a 2.09% fixed rate until 02 August 2021 and then on a variable rate of 4% for the remaining 31 years, would require 26 monthly repayments of £1,715.14 followed by 274 monthly repayments of £2,080.99. The total amount repayable would be £616,169.90 made up of the loan amount plus interest £214,284 and £999 arrangement fee. The overall cost for comparison is 3.73% APRC representative.

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

Call Trinity Financial on 020 7016 0790 to secure a foreign income mortgage

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