Direct Debit facility for a China-based client purchasing property in the UK
Client:
China-based individual purchasing property in the UK
Asset Value:
£705,000
Challenge:
Securing a UK bank account to facilitate a property purchase and mortgage repayments
Background
A client based in China formed a UK limited company to buy a property worth £705,000 in the United Kingdom. To proceed with the property purchase and secure a £400,000 mortgage from Skipton International, the client needed a domestic bank account to receive mortgage funds and set up a direct debit facility for monthly repayments.
Challenge
Property buyers generally need to have a domestic bank account when dealing with UK mortgage providers. Because the client lived in China and did not have a UK bank account, she found it challenging to move forward with the mortgage application and establish a Direct Debit for the monthly payments.
Solution
Interpolitan Money stepped in and successfully opened a UK account for the client within one week. This meant the client could proceed with the mortgage application and provide UK account details for the process.
Outcome
With the UK account in place, the client was able to move forward with her property purchase and mortgage. Via the Interpolitan account, she now conveniently makes monthly payments via Direct Debit, ensuring a smooth and efficient repayment process for her mortgage.