£1.4 million remortgage for British expat living in Dubai
A high-net-worth British expat living in Dubai contacted Trinity to ask for help to refinance a property in London.
He planned to raise funds to put down a deposit on another investment property in North West London.
As he had a large amount of equity in the current property Trinity’s broker was able to source a competitive rate with a high street lender.
To complete the purchase the client also needed to borrow against the new buy-to-let property. We introduced him to a specialist private bank who provided the remaining funds to complete the purchase.
Case details
Property type: Flat in London
Value: £1,900,000
Mortgage: £1,400,000
Rate: 1.09% 2 year tracker (0.84% Bank of England base rate, currently 0.5%)
Reversion rate: The bank’s standard variable rate, currently 3.94%.
The overall cost for comparison is 3.3% APRC representative.
Lender’s arrangement fee: £749
Mortgage term: 29-years
Repayment type: Full capital repayment
Loan-to-value: 75%
Early repayment charge: none
Overpayments: unlimited
Representative example: A mortgage of £1,400,000 payable over 29 years, initially on a tracker rate for two years and then on a variable rate of 3.36% for the remaining 27 years, would require 26 monthly repayments of £4,652.82 followed by 347 monthly repayments of £6,371.10. The total amount repayable would be £2,176,582.02 made up of the loan amount, plus interest (£789,080.02) and fees of £749. The overall cost for comparison is 3.3% 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 an expat mortgage
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