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Case details

Our client asked for help to remortgage away from his lender's standard variable rate. After telling his bank he had moved overseas, they refused to offer him another deal.

He originally purchased his house in Surrey to live in but during the fixed rate he relocated overseas and started working for a company in Switzerland.

The company paid him in Swiss Francs and he ceased paying UK tax.

Solution

As the client's wife was living in the house, our mortgage adviser was able to secure a cheap five-year fixed rate on a residential basis.

The lender was also happy despite his tax situation and the fact he was not living in the property on a full-time basis.

As the mortgage was at a low loan-to-value the lender was also able to offer interest-only terms.  

Property: House in Surrey

Value: £750,000

Mortgage: £485,000

Rate: 2.53% fix until 31/03/2021. 

The overall cost for comparison is 3.4% APR.

Reversion rate: 4% - the lender’s standard variable rate.

Lender arrangement fee: £995.

Mortgage term: 16-year term

Repayment type: Part interest-only and part capital-repayment

Loan-to-value: Approximately 65%

Early repayment charge: 5% in year one, followed by 4% in year two, reducing by 1% each year until 31/03/2021.

Overpayments: Up to 10% of the outstanding balance can be repaid each year without charge.

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

For help to secure a mortgage if you are paid in a foreign currency, call Trinity on 020 7016 0790.

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