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Offshore lending – £2.4 million Remortgage

We have been able to arrange a competitively priced £2.4 million mortgage for a client with dual nationality and significant offshore assets. To discuss this or any other large mortgage case, please contact us now.

Case profile

Our client owned a flat in London and had the opportunity to purchase the remaining two flats within the property for £3.5 million to create a unique double fronted house with a projected value of £6 million. The freehold property was split into separate titles and our client’s intention was to let out two flats whilst living in the third. He wanted the ability to move his main residence between the three flats, depending on space requirements.

Whilst the projected rental income was sufficient to enable the total borrowing required, the client’s personal income was insufficient to cover all three flats therefore preventing one lender having a single charge over all three units.

The solution

After reviewing the client’s circumstances in depth, we realised that the client has significant offshore assets which would enable certain lenders to offer a mortgage on all three units at residential terms. The client has dual UK/US nationality which further restricts the choice of lender. With our connections we found a private bank which would lend against the freehold and had both an offshore platform for investments and offered specialist advice regarding remittance. This gave the client the flexibility to move between the flats, significantly reducing his costs and provided the specialist advice needed for the future.

Case highlights

Loan amount:£2.4 million (46% LTV on £5.2 million, comprising £3.5 million purchase price of the two new flats, plus £1.7 million valuation of the first flat)
Rate:One Month LIBOR + 1.75% variable rate (pay rate of 2.43%)
APR:Overall cost for comparison 2.9% APR representative variable
Term:5 years
Type:Interest Only
Loan purpose:Remortgage of residential property/purchase of investment property
Arrangement fee:1% of loan amount
Early repayment charges:Cost of funds

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 2.9% APR representative variable based on 5 years at 2.43%, lender’s arrangement fees of 1% x £2.4 million (£24,000) and legal and valuation fees of £5,000. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

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