Trinity recently secured terms for an ultra-high net worth Indian national buying a new family home in south-west London.
Even though the client was a wealthy induvial he had invested substantial funds in start-up companies and other businesses, so he wanted to retain as much of his cash as possible.
Most of the client's income was derived from overseas with some consultancy work in the UK and he was on an Entrepreneur visa.
Our Director managed to achieve a 75% loan-to-value mortgage against the property with no assets under management required by the lender.
The mortgage was offered on a 2.14% fixed rate basis over a 10-year term. As part of the mortgage conditions he agreed to make a one-off overpayment of £310,000 within the first five years to bring down the loan-to-value.
Property type: House in London
Rate: 2.14% for five years
Reversion rate: The bank’s standard variable rate, currently 3.99%.
The overall cost for comparison is 3.1% APRC representative.
Lender’s arrangement fee: £35,000
Mortgage term: 10 years
Repayment type: Interest only
Early repayment charge: For five years
Overpayments: Charges apply.
Representative example: A mortgage of £4,700,000 payable over 10 years, initially on a fixed rate for five years and then on a variable rate of 3.99% for the remaining 5 years, would require 60 monthly repayments of £8,359.38 followed by 60 monthly repayments of £14,546.88. The total amount repayable would be £6,101,891.25 made up of the loan amount, plus interest (£1,414,391.25) and fees of £35,000. The overall cost for comparison is 3.1% 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 ultra-high net worth mortgage