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Case details

Our client asked for help to secure a £950,000 mortgage to purchase a large buy-to-let property with his sister.

They both earned a generous combined salary and the sister separately owned a residential property.     

As the brother was a first-time buyer living and working in Germany, who was unlikely to return to the UK over the next few years, there were a limited amount of lenders willing to help.

Solution

Banks and building societies can be selective when offering expat mortgages, particularly if they do not already own a property.

Trinity’s adviser contacted a selection of building societies and explained the situation. As the client's had a large deposit and the property generated a substantial amount of the rent, he found a few building societies willing to lend.

One of them offered a competitively priced discounted rate for three years.

Property: Large house in Surrey

Value: £1,600,000

Mortgage: £950,000

Rate:  2.99% - 2.55% discount from 5.54% standard variable rate for three years.

The overall cost for comparison is 5.3% APR.

Reversion rate: Standard variable rate - currently 5.54%

Lenders arrangement fee: 1.25% of the loan amount

Mortgage term: 25-year term

Repayment type: Full capital repayment

Loan-to-value: 60%

Early repayment charge: 3% of the amount repaid within 3 years.

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

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

If you would like help to secure an expat mortgage, call Trinity on 020 7016 0790.

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