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Case Profile
The client was a young, high net worth Chinese national working for a telecommunications company in China. Through work he traveled extensively to the US and UK, and therefore decided to buy an investment property in central London.
Due to the client’s nationality, lack of UK visa and overseas residential status, there were only a handful of lenders that would consider a mortgage loan application. To further complicate matters, the apartment the client wished to buy was an ex-Local Authority property, meaning that all except prohibitively expensive, short term lenders would not consider the case.
Solution
Although the property was ex-local authority, it was in an attractive, traditional 1900 building in an up market area of London, Bloomsbury, and was high value, with an agreed sale price of £985,000.
The client had already spoken to our first choice lender directly and been declined at the initial enquiry stage due to the property type. However, we felt that it was a good case and put a proposal to our contact at the bank who in turn sought an exception from their underwriting department. Due to the strength of the client’s credentials and positive nature of the property we were able to get an exception and arrange the large mortgage for our client.
Deal Highlights
| Loan amount: | £689,500 |
| Rate: | 3 year fixed rate at 3.95% |
| LTV: | 70% |
| APR: | Overall cost for comparison 5.0% APR representative variable |
| Term: | 25 years |
| Type: | Repayment |
| Loan purpose: | Purchase |
| Lender’s arrangement fee: | £3,195 |
| Early repayment charges: | 1% for the first 3 years |
Notes
This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.
Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.
Overall cost for comparison 5.0% APR representative variable based on 25 years at 3.93%. Lender’s arrangement fee is £3,195. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
largemortgageloans.com is a trading name of largemortgageloans.com Ltd. A fee of up to 1.17% of the mortgage amount is payable, of this 25% is payable on application and the remainder on completion, e.g. on a mortgage of £1,000,000 the fee would be £11,700 of which £2,925 would be payable on application. The precise amount will depend on your circumstances.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage.
