Client Background
Our client, a UK passport holder, working in Ireland and was seeking to purchase a residential property in Bristol. The client planned to live between Ireland and England, making an expat residential mortgage the ideal solution.
Challenges
The primary challenges faced by the client are that they earn in Euros and reside abroad in a European country. Ireland poses difficulties for a number of lenders, including HSBC. This situation requires careful consideration, as the lender must be fundamentally able to accept the client’s circumstances while also offering a competitive rate. Additionally, the lender needs to be assured that the intended use of the property is practical, alongside considering the cost implications of living between countries.
Solution
We successfully arranged a loan for the client through a high street lender. Our close working relationship ensured a smooth underwriting process and a positive outcome for the client. When eligible, this approach can save clients considerable time and money in securing their mortgage. The interest rate secured for the client was a two-year rate of 4.64%, with the next-best alternative for an expat in Ireland being 5.79%, which also had much higher setup costs.
As the amount of borrowing increases, the savings increase considerably. With every £100,000 of borrowing, the client saved £1,150 in interest per year.
Outcome
The client successfully secured the residential mortgage and completed the purchase of their Bristol property. With the mortgage in place, they can now comfortably live between Ireland and England, meeting both personal and professional needs. The lender can also offer future products without the need for new valuations or legal fees, ensuring a long-term solution to property ownership.