£500,000 mortgage for US Citizen living in the UK for 11 months agreed after application declined through another broker
Key features:
- £500,000 mortgage for US Citizen in the UK for 11 months
- 1.31% five-year fix
- Mortgage offer agreed within a week
The client:
Our client was a US citizen and had been in the UK for less than a year. She worked for a multinational firm and had decided to buy her first property.
What were they looking for?
Our client had an offer accepted on a property and wanted an interest-only mortgage. She wanted a competitively priced fixed rate with the option to make overpayments taking her up to her 75th birthday.
Why was it difficult?
It was tricky because many lenders require US clients and foreign nationals to be in the UK for 12 months. She had already had an application declined and did not have much for credit footprint in the UK.
How did we help?
Our client initially applied to a large bank offering cheap fixed rates though another broker, although the application was declined because it was outside of the lender's policy.
After losing faith with the other broker, she called Trinity Financial, and we resubmitted the case to the same bank after getting a policy exception. Rather than requesting for the whole mortgage on interest-only, we increased the mortgage term for 20+ years on capital repayment, making the monthly repayments more affordable.
What was the rate?
The 1.31% rate was fixed until 02 March 2022, and it had a £999 arrangement fee. After the fixed-rate period, the mortgage reverts onto the lender’s standard variable rate, currently 4%, for the remaining mortgage period. The overall cost for comparison is 3.5% APRC.
Call Trinity Financial on 020 7016 0790 to secure a US national mortgage
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