International oil executive, working offshore, buying in the UK

Proposition

Our client, an oil worker in Kazakhstan, has family living in northern England. He wanted to buy a family home there for £360,000, needing to borrow £288,000 (at 80% loan to value ratio) and spent three months talking to various lenders, none of whom would help. Because he works and is paid in Kazahkstan, he did not meet the criteria of any high street lender and his income was not enough for the private banks. He had almost given up hope of being able to purchase a property when he was introduced to Private Finance via one of our estate agency contacts.

Solution

We realised that an offshore lender was the answer. By this point the client had run out of time on his purchase because he had spent so long trying, and failing, to arrange the loan himself. There was only a month left. We called the vendor directly and were in contact with her every other day to ensure the deal was proceeding according to plan because she was anxious to put her house back on the market.

Thankfully, the offshore lender agreed the deal and issued a mortgage offer within 4 weeks. Our client completed within 8 weeks on a two-year tracker at 3.29% over Bank of England Bank Rate, giving a payment rate of 3.79% (APR 4.0%* - the overall cost for comparison).

Fees

The client paid arrangement fees of £2,160.

 

*APR (the overall cost for comparison) calculation based on a 16 year term, interest and capital repayment mortgage with £2,160 arrangement fee, legal and valuation fees of £1,500. The actual rate available will depend on your circumstances. Ask for a personalised illustration.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

© Private Finance Limited, 2019. Private Finance provides independent mortgage advice and arranges individual mortgage solutions for clients. Private Finance is a trading style of Private Finance Ltd, 29 Lincolns Inn Fields, London, WC2A 3EG, registered in England no. 3855776 and its Appointed Representatives. Private Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA registration number 310566).

Private Finance Ltd is rated 4.94 stars by Reviews.co.uk based on 542 merchant reviews

4.94 / 5 Rating
542 Reviews
I would highly recommend Private Finance Ltd. Alex Weldon in particular helped us secure our first mortgage. He answered all our queries in record timing (usually within 15-30mins!) and nothing was ever too much trouble. Alex was always on the other end of the phone if needed and he made the process as smooth as possible.
Ed and Donovan are brilliant at what they do. I have used them many times now and each time they have been able to find me a great deal and handle all the complexities of my case. I would always recommend them to anyone.
Great and professional team, especially Elizabeth O'Connor, who guided me through the purchase, which was successfully completed! Highly recommended.
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