£1.5 million private bank interest-only remortgage for American client paid in US Dollars
Key features:
- 2.89% five-year fix
- £1,500,000 remortgage to another private bank
- Client paid in US dollars and lives in America
The clients:
One of our clients was a US national living in America and his partner was British. The main applicant worked in America, was paid in US dollars and did not return to the UK very often. His partner lived in the property.
What were they looking for?
They had a £1.5 million mortgage with a private bank and the lender would not provide a new rate because it had changed its acceptance criteria.
Why was it difficult?
The main earner was American, lived in America and was paid in US dollars. He also wanted an interest-only mortgage.
How did we help?
Our broker contacted a private bank offering interest-only mortgages to US nationals. The lender was happy to provide a five-year fixed rate even though the other private bank was not happy with them anymore. As the property was worth £3 million the loan was a low loan-to-value at 50% loan-to-value.
What was the rate?
The 1.49% rate was fixed for five years, and it had a 1% arrangement fee. After the fixed-rate period, the mortgage will need to be repaid or a new term negotiated. The overall cost for comparison is 3.2% APRC.
Call Trinity Financial on 020 7016 0790 to secure a private bank remortgage
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