£1.5 million mortgage for Russian living in UK and paid in Rubles
Our Russian client who runs a successful business in Russia, moved to the UK 12 months ago to establish a business here.
His income was derived from his Russian company and his income was derived in Rubles.
After renting a property in southwest London, he found a larger family home to purchase and asked for help to secure a £1.5 million mortgage.
Solution
Trinity approached the large loan lending team at a high street bank specialising in mortgages for foreign nationals with income generated overseas.
The bank has a generous interest-only mortgage policy and it offers some of the lowest fixed and tracker rates across the market.
Case details
Property: House in central London
Value: £2,700,000
Mortgage: £1,500,000
Rate: 1.24% fixed until 30 June 2019
Reversion rate: The bank’s standard variable rate, currently 3.69%.
The overall cost for comparison is 3.5% APRC representative.
Lender’s arrangement fee: £1,495
Mortgage term: 25 years
Repayment type: Full interest-only
Loan-to-value: 55%
Early repayment charge: 2% until 30 June 2018, 1% until 30 June 2019.
Overpayments: Up to 10% per annum without charge.
Representative example: A mortgage of £1,500,000 payable over 25 years, initially on a fixed rate for 24 months at 1.24% and then on a variable rate of 3.69% for the remaining 23 years, would require 26 monthly repayments of £1,525.51 followed by 274 monthly repayments of £4,539.62. The total amount repayable would be £2,759,819.83 made up of the loan amount, plus interest (£1,283,519.83) and fees of £1,499. The overall cost for comparison is 3.5% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you are a foreign national looking to secure a mortgage, call Trinity Financial on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
