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Trinity Financial recently arranged a mortgage for a British expat based in Saudi Arabia. He was in a hurry to purchase a new home for his family to live in while he was working overseas.

He had already applied for a mortgage directly through a specialist expat lender and after taking weeks to process the application declined it.

The client worked for a multinational firm and had a good salary with a clear credit history.

Solution

Trinity’s broker acted quickly to find a new lender because our client was worried he would lose the property.

He worked for a large firm in Saudi Arabia and did not need to go to such a specialist lender. The application was submitted to a bank accepting foreign income that significantly undercut the specialist expat lender's rates.

The mortgage offer was produced within two weeks, enabling the client to purchase the property.

Case details

Property type: Three-bedroom house

Value: £850,000

Mortgage: £500,000

Rate: 1.81% 31 October 2024

Reversion rate: The bank’s standard variable rate, currently 4.19%.

The overall cost for comparison is 3.1% APRC representative.

Lender’s arrangement fee: £1,499

Mortgage term: 20 years

Repayment type: Full capital repayment

Loan-to-value: 60%

Early repayment charge: 5% before 31/10/20, 4% before 31/10/21, 3% before 31/10/22, 2% before 31/10/23, 1% before 31/10/24

Overpayments: 10% per annum

Representative example: A mortgage of £500,000 payable over 20 years, initially on a 1.81% fixed rate until 31 October 2024 and then on a variable rate of 4.19% for the remaining 15 years, would require 62 monthly repayments of £2,492.12 followed by 178 monthly payments of £2,936.47. The total amount repayable would be £677,528 made up of the loan amount plus interest £677,203 and £1,499 arrangement fee. The overall cost for comparison is 3.1% 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 an expat mortgage

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