Case studies
Chinese national, self-employed, Shipping business, property purchase for child studying at London university
Live-in
Chinese Residence
About the client
- Our client was a Chinese national and resident.
- Self-employed owner of a Chinese incorporated business involved in Shipping
-
Client had two planned purchases:
- Purchase 1 is a London property primarily for his child studying a London university and for own use when in the UK.
- Purchase 2 was an investment Buy to let
- Preference for a 75% loan to value mortgage and interest only
Solutions
- We secured the full 75% LTV mortgage with a UK private bank which offer competitive terms to our mainland China clients.
- The bank has a minimum loan of £3m for non-UK resident clients, however as we were to achieve this via the two purchases the bank agreed to begin the relationship with the first purchase.
- The bank opened a new UK private bank account with no requirement to place any cash or assets.
The key figures and terms
- The purchase outline:
Purchase price
£1.5M
Mortgage
£1.125M
Client deposit
£375K
Loan to value
75%
- Purchase costs:
Stamp duty
£168,750
Solicitor cost
£5K
Mortgage valuation
£0
Bank fee
£5,625
Total
£179,375
- Clients total cash investment:
25% Deposit
£375K
Purchase costs
£179,375
Total
£554,375
- Mortgage terms:
Product
5 year fixed
Rate
N/A
Term
25 years
Payment type
Interest only
Monthly payment
£742
