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.
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).
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.