Expat first-time buyer living in Dubai raising £300,000 - August 2013
Trinity Financial has helped a first-time buyer living abroad to raise £300,000 to purchase his first property. The client is working in Dubai and bought a house to ensure they he had somewhere to live once he return to the UK.
Until they return home, the property will be let to tenants with the permission of the mortgage lender. The rental income will more than cover the mortgage repayments.
Case details and solution
£300,000 mortgage to top up their 25% deposit.
Property: Three bedroom property built in 1950 valued at £375,000.
Mortgage rate: A Five-year fixed rate at 3.15% taken over a 25 year term to make the monthly repayments more affordable.
Reversion rate: 4%
Lender's arrangement fee: £995
APR: The overall cost for comparison is 4%.
Repayment type: The mortgage was taken on a capital repayment basis.
Early repayment charges: 5% 4% 3% 2% 1% (Stepped over five years).
Trinity can help: If you are an expat living overseas and you would like help to secure a mortgage, contact Trinity Financial on 020 7016 0790 or email enquiries@trinityfinancialgroup.co.uk
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