Our client wanted to purchase a property in London for his wife to live in while he continued working in Saudi Arabia for a large oil company.
As many of the lenders have tightened up their expat mortgage lending policies, he was keen for us to approach a bank or building society on his behalf.
Case details and solution
We applied to a building society currently lending arranging around 30% of their new business to expats. They were happy to offer a mortgage particularly as he worked for a multinational company.
Property: House valued at £250,000 and located in London.
Loan amount: £175,000.
Lenders arrangement fee: £930 and added to the loan amount.
Rate: Lifetime discounted deal – 2.99% pay rate linked to the lender’s standard variable rate.
APR: The overall cost for comparison is 4.8%.
Term: 20 years.
Repayment type: The mortgage was taken on a full capital repayment basis.
Loan-to-value: Approximately 70% of the property value.
Early repayment charge: 2% for the first two years of the mortgages.
If you would like help to secure an expat mortgage, call Trinity on 020 7016 0790. You can also email: email@example.com