British expat working in Kuwait secures residential mortgage
Case details
After waiting nine weeks to have a mortgage application declined by a large international lender we were asked to secure a fast offer for an expat client living and working in Kuwait.
He wanted to buy a property in Nottingham for him and his wife to live in when his engineering contract expired and he returned to the UK.
He had been working for an engineering firm since 2008 and was paid into a Kuwaiti bank account.
Solution:
As our client was so “appalled by the service” he received from the lender he originally applied to, we were keen to ensure we got the mortgage through so that he could complete on the house in Nottingham.
The case was urgent even though the vendors had given him more time raise the funds to buy the property.
We approached a building society with a growing reputation in the industry as they regularly receive applications from expats living all over the world.
The lender was happy to accept applications from professional workers based in Kuwait, particularly if they have been there for a few years and they intend to return to the UK.
Property: House in Nottingham
Value: £300,000
Mortgage: £200,000
Rate: 3.90% fixed for two-years
APR: 5.5%
Reversion rate: Standard variable rate currently 5.49%
Lenders arrangement fee: £1,462.50
Mortgage term: 25 year term
Repayment type: Full capital repayment
Loan-to-value: 66%
Early repayment charge: 3% for the first two years
Overpayments: Up to 10% of the outstanding balance each year
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like secure an expat mortgage, call Trinity on 020 7016 0790.
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