Expats based in Hong Kong remortgage to raise additional funds
Trinity Financial arranged a £1.2 million remortgage for two British expats living and working in Hong Kong.
The couple had a mortgage with one of the largest building societies but unfortunately they were not able to borrow additional funds as they are not based in the UK.
Case details and solution
We approached a bank happy to accept an application from British expats planning to remortgage and release capital to purchase an investment property. They wanted to use the equity to buy another property and take advantage of the increasing house prices.
Property: House valued at £2.25 million in Surrey.
Mortgage loan amount and rate: Approximately £1.2 million taken on a lifetime tracker rate at 3.14% over the Bank of England base rate.
Lenders arrangement fee: 1.25% of the loan amount and added to the loan.
APR: The overall cost for comparison is 3.5%.
Term: Five-year term.
Repayment type: Interest-only mortgage.
Loan-to-value: Approximately 55% of the property value.
Early repayment charge: For the first year of the mortgage.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity on 020 7016 0790 to secure an expat mortgage. You can also email: enquiries@trinityfinancialgroup.co.uk
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