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Case study

Our client asked for help to secure a buy-to-let mortgage to purchase a two bedroom flat in London.

As he was working for the United Nations in Kenya, he wanted to ensure he owned a property in London for investment purposes and to make use of his savings.

Unfortunately, he previously had an application declined after it was submitted by another broker and there was a lot of pressure from the estate agents to get the purchase through.

Solution

It was challenging to find a lender willing to offer a mortgage, particularly as the client worked for the United Nations and he had diplomatic immunity.

After approaching a number of the banks and building societies still regularly offering expat buy-to-let mortgages, it was clear there were a limited amount of lenders willing to help.

However, our specialist expat broker found a challenger bank happy with the client, his job and the country he works in. They offered mortgage terms.

In order to get the purchase completed, the bank asked an extensive list of questions and for a long list of documents. They also expected the client to use a solicitor with some very specific qualifications.

Property: Two-bedroom flat in north London

Value: £485,000

Mortgage: £330,000

Rate:  4.99% three-year variable LIBOR tracker

Lender’s arrangement fee: 1.25% of the loan amount. 0.25% fee paid to the lender on acceptance of the mortgage offer.

Mortgage term: Three-year term

Reversion rate: No set reversion rate.

Repayment type: £330,000 on interest-only basis.

Loan-to-value: 70%

Early repayment charge: 3% within first 2 years, and 1% in the third year.

Overpayments: Up to 10% of the outstanding balance during each year.

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

For help to secure an expat buy-to-let mortgage call Trinity Financial on 020 7016 0790.

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