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Trinity Financial recently arranged a remortgage for a client working for a US-based law firm paid in Dollars. He lived and worked in the UK.

His existing mortgage had reverted onto an expensive rate after it expired and he required help to secure a cheap fixed rate from a more standard lender.

He had applied to Santander and HSBC for a remortgage, and both applications were declined.

Solution

Trinity’s brokers have access to a range of lenders accepting foreign income mortgages, particularly when the client lives or commutes overseas from the UK. 

After discussing his situation with our specialist contact at the bank, they were happy to agree the mortgage application even though the client was self-employed.

The lender did not charge a premium to clients with foreign income and offered a range of leading two, three and five-year fixed rates. 

The mortgage offer was issued in less than two weeks and completed in less than four weeks.

Case details

Property type: Detached house

Value: £2,000,000

Mortgage: £575,000

Rate: 1.52% until 31 October 2021

Reversion rate: The bank’s standard variable rate, currently 4.24%.

The overall cost for comparison is 3.81% APRC representative.

Lender’s arrangement fee: £995

Mortgage term: 25-years

Repayment type: Full capital repayment

Loan-to-value: 28%

Early repayment charge: Until 31 October 2021

Overpayments: 10% per annum allowed

Representative example: A mortgage of £575,000 payable over 25 years, initially on a 1.52% fixed rate until 31 October 2021 and then on a variable rate of 4.24% for the remaining 20 years, would require 27 monthly repayments of £2,305.04 followed by 273 monthly repayments of £3,038.98. The total amount repayable would be £894,575.12 made up of the loan amount plus interest £316,877.62 and £995 arrangement fee. The overall cost for comparison is 3.81% 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

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