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.
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.
Property type: Three-bedroom house
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
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