International oil executive, working offshore, buying in the UK

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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, 2020. 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 4.95 stars by Reviews.co.uk based on 822 merchant reviews

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822 Reviews
I found Private Finance to be a fantastic helpful, knowledgeable, patient, service. I really can't recommend you highly enough. Thank you for the superb help which is why we always come back to you.
Efficient and friendly service. Made being abroad and switching to a non-resident mortgage straightforward. Thanks Tim Nye!
Mike Perrin and private finance were recommended by a friend. From the moment I reached out to Mike, I received a very professional and personal service. Mike was able to digest my individual circumstances and find the right product for me and offer his expertise along the way. Being able to complete the majority of the paper work online was also highly convenient. Once the product was selected, the support between application to completion remained, with both Mike and Dan offering their support throughout the process, answering any queries and concerns in a timely manner. Thanks for all the help and look forward to working with you again in the future. Osman
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