Suffolk Building Society has introduced two new fixed-rate expat mortgage products, offering a three-year fixed rate of 5.49% for both residential (capital & interest) and buy-to-let borrowers.

The deals are available for purchases and remortgages, with the fixed rate secured until 30 June 2028.

The launch aims to appeal to expat borrowers seeking financial stability without the commitment of a longer-term fix. The maximum loan-to-value (LTV) is set at 80%, with borrowing capped at £2 million for the expat residential mortgage and £1 million for the expat buy-to-let product.

Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “We know that many customers are looking for financial stability and these products do just that, without tying borrowers in for longer than they may feel comfortable.

“Expectations are that rates will begin to fall over the next couple of years, so borrowers may feel that a 5-year fix is too long, and a 2-year deal isn’t quite long enough.

“We believe our 3-year expat deals are in the Goldilocks zone, being ‘just right’ for this type of borrower.”

CIRCUMSTANTIAL ELEMENTS

The products offer flexibility, catering to a wide range of expatriate circumstances:

• Multiple currencies can be used on a single application.

• Most countries of residence are considered, except those under UN sanctions.

• 16 currencies are accepted for expat residential and regulated buy-to-let mortgages, while most currencies are accepted for non-regulated expat buy-to-let.

• The Society will consider mixed nationality couples, provided the British national meets affordability criteria.

• There is no age cap on borrowing, and Joint Borrower Sole Proprietor (JBSP) arrangements are permitted on expat products.