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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. 

LONDON
5th Floor, 33 Cavendish Square, London, W1G 0PW
+44 (0)20 8187 5001
info@interpolitanmoney.com

 

DUBAI 

Office 109, Level 1, Tower A,

Damac Park Towers, DIFC, Dubai, UAE

​

MUMBAI 

2905 Marathon Futurex, NM Joshi Marg, 

Lower Parel, Mumbai, India 400013

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Interpolitan Money PLC is authorised and regulated by the Financial Conduct Authority (“FCA”) to issue electronic money under the Electronic Money Regulations 2011. FRN 900413. Forward contracts and associated credit facilities are not regulated by the FCA.

 

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Interpolitan Money Plc registered office address 2 Leman Street, London, England, E1W 9US, a company incorporated under the laws of England and Wales, registration number 07666629. Interpolitan Money Canada Inc is registered as a Money Business Service (“MSB”) with the Financial Transactions and Reports Analysis Centre (“FINTRAC”). Our registration number is C100000165.

 

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