Mortgage secured for ultra-high net worth Indian national buying £6 million family home

by Aaron Strutt

Sep 08 2018

Trinity recently secured terms for an ultra-high net worth Indian national buying a new family home in south-west London.

Even though the client was a wealthy induvial he had invested substantial funds in start-up companies and other businesses, so he wanted to retain as much of his cash as possible.

Most of the client's income was derived from overseas with some consultancy work in the UK and he was on an Entrepreneur visa. 

Our Director managed to achieve a 75% loan-to-value mortgage against the property with no assets under management required by the lender.

The mortgage was offered on a 2.14% fixed rate basis over a 10-year term. As part of the mortgage conditions he agreed to make a one-off overpayment of £310,000 within the first five years to bring down the loan-to-value.

Case details

Property type: House in London

Value: £6,250,000

Mortgage: £4,700,000

Rate: 2.14% for five years

Reversion rate: The bank’s standard variable rate, currently 3.99%.

The overall cost for comparison is 3.1% APRC representative.

Lender’s arrangement fee: £35,000

Mortgage term: 10 years

Repayment type: Interest only

Loan-to-value: 75%

Early repayment charge: For five years

Overpayments: Charges apply.

Representative example: A mortgage of £4,700,000 payable over 10 years, initially on a fixed rate for five years and then on a variable rate of 3.99% for the remaining 5 years, would require 60 monthly repayments of £8,359.38 followed by 60 monthly repayments of £14,546.88. The total amount repayable would be £6,101,891.25 made up of the loan amount, plus interest (£1,414,391.25) and fees of £35,000. The overall cost for comparison is 3.1% 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 ultra-high net worth mortgage