skip to main content

Request a call back

Leave your contact details and one of our expert advisers will call you back shortly.

You can also complete our mortgage questionnaire for a more accurate initial response.

Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Menu

Our client asked for help to secure an interest-only mortgage using his Swiss pension income and limited company accounts.

After recently switching from a sole trader to a limited company, he struggled to get a mortgage when he applied directly to a lender.

He hoped his generous pension pot accrued when he was living and working in Switzerland could be used, as he transferred funds into his UK bank account each month.

Solution 

After assessing the client's financial situation, our broker researched the market and sourced a bank with low rates accepting pension and foreign income.

The lender was happy to assess his sole trader accounts and take the limited company’s latest income.

As the mortgage was agreed on an interest-only basis, the bank used his investments as the interest-only repayment vehicle. 

Case details

Property location: London

Value: £795,000

Mortgage: £477,000

Rate: 1.73% fixed until 30 November 2022

Reversion rate: The bank’s standard variable rate, currently 3.75%.

The overall cost for comparison is 2.29% APRC representative.

Lender’s arrangement fee: £995

Mortgage term: 7 years

Repayment type: Full interest-only.

Loan-to-value: 60%

Early repayment charge: Charges apply until 30 November 2022.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £477,000 payable over 7 years, initially on a fixed rate for 60 months at 1.73% and then on a variable rate of 3.75% for the remaining 2 years, would require 63 monthly repayments of £689.11 followed by 21 monthly repayments of £1,493.73. The total amount repayable would be £552,777.26 made up of the loan amount, plus interest (£74,782.26) and fees of £999. The overall cost for comparison is 2.29% 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

Get in Touch

Get in touch

To arrange a meeting with one of our expert mortgage advisers complete our enquiry form and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.

Need some advice today?

Book a Consultation Mortgage Questionnaire