Our clients, both first-time buyer, required a £1.2m mortgage at 80 per cent loan-to-value to purchase their first home. Both first-time buyer clients are in their fifties so wanted a mortgage to run until they are aged 75, to make the monthly payments more affordable.
To make matters more complicated, neither buyer has a UK passport
We really wanted a loan specialist who was ready to loan £1.2m against a property estimation of £1.5m. The clients were interested in a base-rate tracker mortgage as fixed-rate mortgages are comparatively more expensive.
Key requirements: –
After sourcing the mortgage market, we identified a lender who agreed to lend the full amount required at a competitive rate.
- A lender prepared to lend the full amount required to borrowers with non-UK passports.
- lender happy to lend up to age 75.
- A lender willing to add the arrangement fee to the loan.
The application process:
To support the mortgage application, the clients provided details of their income and evidence of their identity. We were more than happy to illuminate them that a bank had given a conventional proposal for everything mentioned.
- Property value: £1.5m
- Loan amount: £1.2m
- LTV: 80%
- Rate: 4.21% (1.21% above base rate) for two years
- Lender product fee: £999 added to the loan
Monthly payment: £7,655