Tipton and Coseley Building Society launches expat buy-to-let products
Tipton and Coseley Building Society has launched two fixed and two discount expat buy-to-let products for purchase and remortgaging.
The mortgages are available to first-time, self-employed and experienced landlords and a maximum loan size of £500,000 up to 70% LTV.
Cammy Amaira, director of sales and marketing, said: “There are an estimated 5.5 million ex-pats living overseas with an increasing number looking to start or add to their buy-to-let portfolio in the UK.
“After consulting with our intermediary network and customers, we have developed a range of buy-to-let products to meet the needs of both first-time and experienced landlords with a competitive set of stress rates.”
Landlords must hold a UK bank account and have a minimum income of £20,000 per annum or the equivalent in foreign currency income.
The interest cover ratio (ICR) calculation for experienced landlords for basic and higher rate taxpayers has been set at 125% and 130% respectively stressed at 5.5% or pay rate on our 5-year fixed rate.
Tipton defines an experienced landlord is defined as someone who currently holds or has held at least one buy-to-let property within the last 12 months.
The ICR for first-time landlords for basic and higher rate taxpayers has been set at 140% and 145% respectively stressed at 5.5% or pay rate on our 5 year fixed rate.
In 2018, Tipton reduced the ICR calculation across its standard buy-to-let product portfolio for experienced landlords and reduced its minimum application age from 25 to 21.