Buy-to-let property purchase for British expat living in Australia
Trinity Financial received an online enquiry from a British journalist living and working in Australia. He had found a property in Richmond that he wanted to purchase as a buy-to-let investment.
Case details and solution
Securing a buy-to-let mortgage can be difficult if clients live in Australia, although we found a private bank happy to lend.
Property: Three bedroom house in Richmond for £1,100,000.
Required mortgage: Client needed to raise £500,000.
Rate: 3.75% term tracker. This is based on a term tracker LIBOR tracker plus a margin of 3.20%.
Term: The mortgage will be taken over a 5-year term. This is typically renegotiated with the lender or broker once it expires.
Lender's arrangement fee: 1% of the loan amount.
APR: The overall cost for comparison is 3.8%.
Repayment type: The mortgage can be taken on an interest only or capital repayment basis. Our client took interest-only on this occasion.
Early repayment charges: 1% of the mortgage amount must be paid within two years.
Trinity can help:
If you are an expat living and working outside of the UK and looking for a mortgage, call us on 020 7016 0790 or email enquiries@trinityfinancialgroup.co.uk
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