£1 million mortgage for managing director of company in Dubai
Trinity Financial recently arranged a £1 million mortgage for a client living and working in Dubai.
He spent a lot of time in London and wanted a home for his family to live in. He was from Dubai and his company was also based in Dubai.
After speaking to another broker he wanted us to find him a more competitively priced rate.
He was buying a property for £1.4 million, had a 25% deposit and was paid in Dirhams.
Solution
Trinity’s broker secured our client a fanatically cheap five-year fix at 1.94% and there was even a free standard property valuation.
The lender was happy to use Dirhams because he had a larger salary and the was no issue with him being a foreign national.
The mortgage was arranged on a full capital repayment basis and there was a facility to overpay 10% of the loan amount per annum without charge.
Case details
Property type: Four-bedroom house
Value: £1,400,000
Mortgage: £1,000,000
Rate: 1.94% five-year fix
Reversion rate: The bank’s standard variable rate, currently 4.19%.
The overall cost for comparison is 3.23% APRC representative.
Lender’s arrangement fee: £999
Mortgage term: 20 years
Repayment type: Full capital repayment
Loan-to-value: 25%
Early repayment charge: For five-years.
Overpayments: 10% per annum
Representative example: A mortgage of £1,000,000 payable over 20 years, initially on a 1.94% fixed rate until 31 July 2024 and then on a variable rate of 4.19% for the remaining 15 years, would require 62 monthly payments of £5,287.02 followed by 178 monthly payments of £6,172.44. The total amount repayable would be £1,431,841 and a £999 arrangement fee. The overall cost for comparison is 3.23% 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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