Case studies
Sharia compliant, holiday home mortgage for a Saudi national and resident
Live-in
Saudi Resident
About the client
- Our client was a Saudi national and resident, self-employed businessman.
- He was purchasing a London holiday home, which he and the family would use when in the UK (summer) and let when not in the UK.
- The client had a specific request for a Sharia-compliant mortgage
- The client was ok to open a new bank account, but did not want to place any cash or assets as a condition of the mortgage.
Solutions
-
We work with all Sharia complaint lenders operating in the UK and were able to secure the following:
- 70% Loan to value Sharia compliant mortgage.
- Holiday home terms, which permit the client to use and let
The key figures and terms
- The purchase outline:
Purchase price
£1.5M
Mortgage
£1.05M
Client deposit
£450K
Loan to value
70%
- Purchase costs:
Stamp duty
£168,750
Solicitor cost
£5K
Mortgage valuation
£1,500
Bank fee
£10,500
Total
£185,750
- Clients total cash investment:
30% Deposit
£450,000
Purchase costs
£185,750
Total
£635,750
- Mortgage terms:
Product
Boe Base rate tracker
Profit rate
2.75% + Base
Term
5 years
Payment type
Profit only
Monthly payment
£3,937
