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Our recently married American client asked for help to secure a mortgage for him and his English wife to purchase a property in Islington.

He recently moved to the UK and was working for an American company; he was also paid in US dollars and had a limited credit footprint.

His wife was working for a UK based company and she was paid in pound sterling.   

Solution

Trinity approached a lender happy to accept applications for clients paid in foreign currencies even if they had a limited credit score.

Taking both salaries into consideration, the lender was happy to provide the mortgage loan and it offered a range of fixed and trackers for £500,000+ loans.

Case details

Property: Flat in Islington

Value: £725,000

Mortgage: £543,750

Rate: 1.48% fixed until 30 November 2018

Reversion rate: The lender’s standard variable rate, currently 3.75%.

The overall cost for comparison is 3.49% APRC representative.

Lender’s arrangement fee: £999

Mortgage term: 30 years

Repayment type: Full capital repayment.

Early repayment charge:  2% until 30 November 2017 and 1% until 30 November 2018.

Overpayments: Up to 10% per annum without charge.

Representative example: A mortgage of £543,750 payable over 25 years, initially on a fixed rate for two years at 1.48% and then on a variable rate of 3.75% for the remaining 28 years, would require 24 monthly repayments of £1,874.80 followed by 336 monthly repayments of £2,480,13. The total amount repayable would be £333,573 made up of the loan amount, plus interest (£544,745) and fees of £999. The overall cost for comparison is 3.49% APRC representative.

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

If you are an American looking to secure a mortgage, call Trinity Financial on 020 7016 0790.

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