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Our client asked for help to remortgage his family residence in North London and secure a lower rate.

After struggling to find a competitively priced deal through another broker, he contacted Trinity Financial.

As he lived and worked in Doha and his family were residing in the property, he did not meet the criteria of many of the lenders.

Solution

Trinity’s adviser contacted a large bank and explained the client’s situation, providing evidence of his strong financial track record.

Although his application was outside the bank’s normal lending criteria, he had substantial experience working as a contractor with a good salary.

The bank was happy to offer a low fixed rate even though part of his income was paid in Qatari Riyal with the remaining salary in GBP.

Case details

Property: North London

Value: £1,500,000

Mortgage: £880,000

Rate: 1.14% fixed until 30 September 2019

Reversion rate: The bank’s standard variable rate, currently 3.69%.

The overall cost for comparison is 3.29% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 23 years

Repayment type: Full capital repayment.

Loan-to-value: 59%

Early repayment charge: 2% until 30 September 2018, then 1% until 30 September 2019.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £880,000 payable over 23 years, initially on a fixed rate for 24 months at 1.14% and then on a variable rate of 3.74% for the remaining 23 years, would require 24 monthly repayments of £3,629.87 followed by 252 monthly repayments of £4,641.48. The total amount repayable would be £1,258,112.84 made up of the loan amount, plus interest (£375,869.84) and fees of £999. The overall cost for comparison is 3.29% 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 an expat mortgage.

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