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.
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.
Property: Flat in Islington
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.