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Case Profile
Expat lending is one of our specialisms here at largemortgageloans.com because it’s often complex. In order to get the best possible rate, you need a team in your corner which has a very clear understanding of the market and the latest products on offer across High Street and Private Banks and Specialist Lenders.
This case was particularly challenging, as our client was a UK national living and working in Australia as a self-employed Director of a Limited Company. He wanted to purchase a property back in the UK for his mother to live in and had one UK property that he was in the process of selling. Our client’s work status is not accepted by the majority of lenders, which made the search for a tailored solution more challenging.
Solution
Our research found a High Street lender who would accept the client’s circumstances, based on him being a UK national and having a 25% deposit. This particular bank accepted his accounts as evidence of income where others wouldn’t. Added to this, we secured a staggeringly low rate of 1.44% which is almost unheard of in this specialist sector of the market.
| Loan amount: | £285,000 |
| Rate: | 1.44% 2 year fixed rate |
| APRC: | Overall cost for comparison 3.80% APRC representative variable |
| LTV: | 58% |
| Term: | 20 years |
| Type: | Repayment |
| Loan purpose: | Purchase |
| Lender’s arrangement fee: | 0.5% of loan amount |
| Early repayment charge: | 1.00% of the loan amount repaid early, for 2 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 The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it.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. Ask for a personalised illustration.
Overall cost for comparison is 3.80% APRC representative variable based on 26 payments at the lenders fixed rate of 1.44%, followed by 214 payments at the lenders variable rate currently 4.19% and the lenders fees. Because all, or part of, the mortgage is currently, or will revert to, a variable interest rate mortgage, the actual APRC could be different from this APRC and the payments could increase if the interest rate of the loan changes. For example, if the interest rate rose to 7.50%, the APRC could increase to 11.80%.
Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.
