Saffron launches expat buy-to-let mortgages
Saffron Building Society has launched a refreshed range of expat mortgages for landlords purchasing or remortgaging a buy-to-let property in the UK whilst living abroad.
There’s now a 55% LTV band with a fixed rate now available up to 75% LTV with no restriction on countries.
Expat Landlords can live in any location around the world. It’s available to first-time buyers, regulated buy-to-let is accepted from non-EEA countries, no UK mortgage history is required and there’s no minimum income.
Colin Field, chief executive at Saffron Building Society, said: “With high numbers of UK Nationals living overseas and the launch of Saffron’s enhanced expat buy-to-let offerings there has never been a better opportunity for brokers to introduce this product range to existing and would be customers residing abroad.”
There’s a 3-year rate at 3.39% with an arrangement fee and a 3-year discount to 55% LTV of 2.5%, the minimum loan of £30,000 and maximum of £1m, a 40 year term and early repayment charge of 3% for three years with flexibility with overpayments.
With the same term time, ERC and minimum and maximum loans, there’s a 5-year fixed rate of 4.07% at 55% LTV and a 4.57% at 75% LTV.
The 5-year fixed rates with rental cover of 140% of the pay rate. And for variable rates there’s also 140% of the pay rate but either the pay rate with 2% or 5.5% whichever is higher.
Rental cover on debt for debt re-mortgage cases is 125% of the pay rate. Fees may be added to the loan.
Landlord customers living further afield present an even greater source of business to tap into: 33% of all British-born emigrants living outside the UK live in Australia or New Zealand, while 28% live in the US or Canada compared to 26% in the EU.