The Saffron Building Society has introduced reduced rates and extended terms on its range of expat mortgages.
The range is aimed at landlords looking to purchase or re-mortgage a buy-to-let property in the UK whilst living abroad.
The rates are as follows:
- 3.77% fixed until 30/11/2024, 55% LTV
- 4.17% fixed until 30/11/2024, 75% LTV
Additional key features of Saffron’s latest expat buy-to-let mortgages include:
- No restriction on countries – expat landlords can live in any location around the world including Australia, New Zealand and the USA
- Available to first-time buyers
- Regulated buy-to-let accepted from non-EEA countries
- No UK mortgage history required
- No minimum income
- Rental cover at 140% of pay rate
Anita Arch, head of mortgage sales at the 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.”
