Expatriate Mortgages

EXCLUSIVE EXPATRIATE SCHEMES

IMP Expat schemes funded by IPSWICH BUILDING SOCIETY
Purchases and Remortgages - June 2010

SCHEMES 1,2 & 3 property to be occupied by IMMEDIATE FAMILY and NOT LET.
Family occupation can include parents/children, parents and siblings. Student children can join with expat parents in purchases. SCHEMES 4 & 5 are for BUY TO LET propositions.
Funds for houses only at 1.7.2010.

SCHEME 1   - 2 year BASE RATE TRACKER - 75% MAXIMUM LOAN TO VALUE  
                  

♦  Current pay rate 3.69%. Bank base plus 3.19% margin to 30/09/2012. Interest rate reverts to Standard variable rate at 30/09/2012 

♦  Interest calculated daily. 

♦  Interest only or capital repayment or mix.

♦  Lender’s Application fee £150 - Completion fee £499 added to the loan

♦  Scale valuation fee

♦  3% early redemption charge ‘in term’ with ability to repay up t 50% without penalty

SCHEME 2 -  2 YEAR FIXED RATE – 75% MAXIMUM LOAN TO VALUE

♦ Fixed rate 3.99% until 30/09/2012. Rate reverts to Standard Variable Rate 30/09//2012
♦ Interest only or Capital & Repayment or mix.
♦ Lenders Application fee £150. Completion fee £999 added to loan.
♦ Scale Valuation fee
♦ 3% early redemption charge ‘in term’ with ability to repay 50% without penalty

SCHEME 3 (Remortgages only)  - 3 year DISCOUNT TRACKER - 75% MAXIMUM LTV

♦  Current pay rate 3.99%  Bank Base plus 3.49% to 30/12/2013. Interest rate reverts to Standard variable rate at 30/12/2013

♦  Interest calculated daily. 

♦  Interest only or capital repayment or mix.                            

♦  Lender’s Application fee £150 - Completion fee £999 added to the loan

♦  FREE VALUATION & LEGAL FEES PAID ON REMORTGAGES.

♦  3% early redemption charge ‘in term’ with ability to repay 50% without penalty.

SCHEME 4  BUY TO LET - 75% MAXIMUM LOAN TO VALUE (Limited Tranche).
 

♦  Standard Residential Variable Rate for term, currently 5.49%

♦  Completion fee £795. Standard valuation fee.

♦  Minimum loan £50K.  Maximum £350K

♦  Early redemption charge  3% until 30/12/2012. Up to 50% overpayment without penalty until 30/12/2012

♦  Rental cover 100% at pay rate – no extra margin

SCHEME 5   BUY TO LET - 2 year FIXED RATE - 75% MAXIMUM LTV - (Limited Tranche)
 

♦  Current pay rate 5.75% fixed until 30/12/2012. Rate reverts to Standard Variable rate.

♦  Interest calculated daily.

♦  Interest only or capital repayment or mix.

♦  Completion fee £895 added to the loan.

♦  FREE VALUATION & DISCOUNTED CONVEYANCING PACKAGE

♦  3% early redemption charge  in term with ability to repay  50% without penalty until

 Valuation Fee Scale

Documents required under UK Government money laundering regulations to support expatriate mortgage applications.

1. Certified copy of relevant page of passport for each applicant.
2. Applicants will need to prove their residential address in the UK or overseas for a full
three years.
Two pieces of evidence are required. These can be original or certified copies of utility
bills or bank statements showing residential address. As a fall-back a letter from the
employer, addressed to the lender, confirming the three year overseas or UK address
history for both applicants should be acceptable.
3. Last 3 months bank statements (preferably Sterling account) - one original page - for
all applicants.
4. Where there is an existing mortgage the last annual mortgage statement showing a
complete one year payment record.
5. Copy tenancy agreement or rental assessment
6. IMP booking/processing fee £150. Cheque made payable to International Mortgage
Plans, or funds transferred to Barclays Bank, Account International Mortgage Plans
30048801, Sort Code 20 36 16.
7. IMP’s arrangement fee is £500 and is required on issue of acceptable formal mortgage
offer
8. Acceptance in Principle can be obtained subject to a £150 fee which can be
substituted for the above booking fee when a full application is made.
 

Avoiding Application Delays

Mortgage processing is a tedious business. It is not us or the lenders being awkward it is our nanny state’s insistence on tight money laundering checks. (It’s a shame they don’t check terrorist passports as rigidly!) Lenders want applications to be ‘oven ready’ with all necessary documentation and applicable fees. Applications will be delayed if the required paperwork is ‘drip fed’.

We are increasingly finding that applicants either do not bother to read these notes or just send part of the paperwork required and then within days are chasing us for an application progress report. We have now been told by the lender not to submit applications unless all requisite paperwork and fees are to hand! This does not apply to Acceptances in Principle where just the first 10 pages (!) can achieve an email agreement inviting a full application.

Exclusive Fixed Fee Conveyancing Arrangement via
Messrs Ison Harrison of Leeds

Ison Harrison are a substantial law firm established in 1978. Their Headquarters is in Leeds and over 140 staff are employed. The firm has grown through merger and increased business volumes. They are regulated by the Solicitors Regulation Authority and have partners and personnel able to offer advice and help on all family and commercial legal matters.
 

At IMP we have found their services to be of great assistance with our expatriate clients purchasing and refinancing UK property security. Their fixed price remortgage conveyancing fee of £350.00 including VAT and all disbursements, and including leasehold properties, has proved to be exceptionally popular with our applicants.
 

ISON HARRISON
Duke House, 54 Wellington Street, Leeds LS1 2EE

Telephone: David Bancroft +44(0)113 284 5069, Jade Campbell +44(0)113 284 5153

Switchboard (0)113 284 5000

Email: imp@isonharrison.co.uk. Website: www.isonharrison.co.uk

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