- 1.73% five-year fix
- American client and his British wife buying first home
- £450,000 mortgage and 35-year term
Our clients moved to the UK just under a year ago after living and working in the US for the last ten years. They both had jobs in London and were living in rented accommodation.
They were looking for a lender to provide them with an income stretch mortgage suitable for American's in the UK on a working visa.
What were they looking for?
A five-times salary mortgage over a longer mortgage term and a competitively priced five-year fix. They had a 25% deposit.
Why was it difficult?
Not all the lenders are happy to provide mortgages to applicants that have been out of the UK for a long period of time particularly if they are American. It can be difficult for buyers to pass the lenders credit checks, particularly if they do not have credit cards or loans to build up their credit footprint.
How did we help?
Trinity’s broker approached a lender offering five times salary income multiples and with an excellent foreign national policy. The bank provided a great five-year fixed-rate and a 35-year term.
What was the rate?
The 1.73% rate was fixed until 31/03/2025, and it had a £999 arrangement fee. After the fixed-rate period, the mortgage reverts to the lender's standard variable rate, which is currently 4.24%. The overall cost for comparison is 3.5% APRC.
Call Trinity Financial on 020 7016 0790 to secure a foreign national mortgage