£600,000+ mortgage for British expat in Saudi Arabia buying UK residence for family to live in
Trinity Financial recently helped a British expat living and working in Saudi Arabia to secure a mortgage.
He worked for a large investment firm and planned to buy a home in the UK for his family to live in while he is overseas.
He had a buy-to-let property in the UK and wanted to release some of its equity to put towards the deposit for the new home and pay the stamp duty.
Solution
As the client wanted to purchase and new family home and release equity, our brokers needed to use two lenders.
We arranged the remortgage of the existing buy-to-let through a smaller building society and the purchase of the main residence through a large bank.
Trinity’s broker arranged a fantastically low mortgage rate for the residential purchase through a bank happy to lend to expats buying for family members to live in.
The mortgage offer for the residential purchase was produced within two weeks.
Case details
Property type: Detached house
Value: £850,000
Mortgage: £637,500
Rate: 1.49% until 31 October 2021
Reversion rate: The bank’s standard variable rate, currently 4.19%.
The overall cost for comparison is 3.8% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 25-years
Repayment type: Capital repayment
Loan-to-value: 75%
Early repayment charge: Until 31 October 2021
Overpayments: 10% per annum allowed
Representative example: A mortgage of £637,500 payable over 25 years, initially on a 1.49% fixed rate until 31 October 2021 and then on a variable rate of 4.19% for the remaining 23 years, would require 26 monthly payments of £2,550.59 followed by 274 monthly payments of £348,567. The total amount repayable would be £987,392 made up of the loan amount plus interest £348,567 and £999 arrangement fee. The overall cost for comparison is 3.8% 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 a mortgage
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