Saffron reduces rate on expat buy-to-let mortgages
Saffron Building Society has introduced reduced rates and extended terms on its range of expat buy-to-let mortgages.
There are 5-year fixed rates with a term of 40 years, for purchases or remortgages, a minimum loan of £30,000 and maximum of £1m, no maximum age, a 2.5% arrangement fee and ERC of 3% for five years. There’s a 3.77% 5-year fixed at 55% loan-to-value and 4.17% 5-year fixed at 75% LTV.
Anita Arch, head of mortgage sales at Saffron Building Society, said: “With over a million UK nationals reportedly living overseas there is significant opportunity for intermediaries wanting to tap into the expat buy-to-let market.
“Although Brexit uncertainty is being touted as a potential factor to ‘dampen’ this specific market we’ve seen little evidence of this from our customers.
“In fact, this latest ‘reduced rate’ offer has been introduced due to increasing demand for this product!
“The continuing strength in the UK rental market and the ‘supply and demand’ factor adding value to property makes rental opportunities back at home an attractive investment for British expats living abroad.”
Saffron’s buy-to-let mortgages have no restricted on countries, are available to first-time buyers, regulated buy-to-let is accepted from non-EEA countries, there’s a rental cover at 140% of pay rate and no minimum income and no UK mortgage history is required.
The rental cover is 140% of the pay rate for 5-year fixes and for variable rates there’s rental cover of 140% of either the pay rate or 2% and 2% or 5.5%, whichever is higher. The rental cover on debt for debt remortgage cases is 125% of the pay rate. Fees may be added to the loan.