Saffron For Intermediaries has launched five-year fixed rate mortgages for expats purchasing or remortgaging rental property and for landlords wanting to refurbish properties.
The fixed rate deals have the following features:
Expat buy-to-let, for UK nationals living abroad, wanting to buy or remortgage rental property in the UK:
- 4.97% fixed for five years until 31/10/2022 (then SVR, currently 5.39%, thereafter)
- Rental cover of 140% calculated at the pay rate
- Maximum LTV: 65%
- Arrangement fee of 2.5%
- £30,000 minimum, £1m maximum loan size
- ERC: 3% of the outstanding balance during the fixed rate period
- Overpayments of 10% per annum allowed penalty free
Buy-to-let light refurbishment product:
- 4.77% fixed for five years until 31/10/2022 (then SVR, currently 5.39%, thereafter)
- Rental cover of 140% calculated at the pay rate
- Maximim LTV: 75% max of the end value
- Purpose of loan: For landlords wanting to purchase or re-mortgage a property that requires light refurbishment before being let (work must be completed within 3 months of completion)
- Arrangement fee: 2%
- Min & max loans: £30K min: £1m max
- ERC: 3% of the outstanding balance during the fixed rate period
- Overpayments: 10% per annum penalty free
Anita Arch, head of mortgage sales, said: “Our specialist buy-to-let products not only feature attractive fixed rates, but also accommodating criteria. For example, there are no country restrictions on the expat product and the light refurbishment deal enables landlords to purchase or remortgage property and make alterations before the property is let out.
“Additional funds can also be released after a satisfactory re-inspection and confirmation of improved end-value and rental income.”
