£1 million mortgage for American client buying family home in London
Trinity Financial recently arranged a £1 million mortgage for an American client who had just moved to the UK.
He had been working in London for three months and wanted to buy a home rather than rent. He was worried that he would not qualify for a mortgage because he did not have a credit footprint in the UK.
He was a director of a large bank and had the same job in America. He had a 25% deposit.
Did they have a complex financial situation?
Trinity Financial's brokers regularly help Americans secure mortgages in the UK, but it is not always straightforward.
Our client had only been in the UK for three months, so that reduced the number of lenders we could apply to. He was on a tier 2 working visa that expired in five years and had moved to a few countries over the last five years.
He had found a family home to buy with his wife and children, who were coming to the UK in the next few months. He wanted to purchase in London.
He wanted to ensure he was getting the best possible deal and that a good broker was submitting his mortgage application to secure a prompt mortgage offer.
Did we struggle to find a lender?
We were restricted with the number of lenders we could use. However, we found a high-street bank that was happy with his situation. Other high street banks lend to Americans in the UK but cannot generally use bonuses paid in dollars.
Was the mortgage on interest only or capital repayment?
The mortgage was capital repayment, although he did qualify for interest-only. The mortgage had the option to overpay 10% of the outstanding balance per annum without charge.
Was the rate particularly good?
Our client took a sub-4% five-year fix because he wanted financial stability.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within this article was correct at the time of publication but is subject to change.
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