5 year fixed rate ex-pat buy to let

Who's the product for?

This product is not available for flats in London (within the M25 corridor), or Consumer Buy to Let customers.

Our ex-pat buy to let products are available to expatriates living in countries that are included in the Financial Action Task Force (FATF) approved list and the UAE (subject to individual case assessment) with some exceptions. Please contact us directly to discuss acceptable countries.

Applicants must be 21 or over and the term can't run beyond the eldest borrowers 95th birthday.

• There is no minimum income requirement, however an Interest Cover Ratio (ICR) assessment will be required. The ICR is the ratio of gross rental income received to mortgage interest payments. This assessment is completed to ensure the mortgage will meet the Society rental income criteria.
• You must hold a valid notice address in the UK, this can be a solicitor's or family member's address.
• You must also hold a UK bank account and the mortgage payments and rental payments must be serviced by the same UK bank account. However, you must hold a valid UK passport, a work/residency Visa or permit and an active Equifax footprint.

Portfolio size: the Society will accept applications from Landlords with up to 3 mortgaged buy to let properties across all lenders (including the one to be mortgaged).

General exclusions

The following application types aren't accepted:

• Local authority flats, flats in a block that are more than six storeys high and do not have a lift if there are more than four floors, or flats above commercial premises;
• Applications where you'll occupy the property either now or in the future, will be let to a family member, or where up to 40% is occupied by the owner with the remainder let; and
• Multiple occupancy lets, student let or sub-letting.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Product related fees

There is an arrangement fee of £1,299. This fee can be taken off the mortgage amount, or you can add the fee to the amount you borrow. If you choose to add the arrangement fee to your mortgage you will pay interest on the fee at the same rate as your mortgage. If you choose to take the arrangement fee off the mortgage, this will be deducted from the amount you borrow and so, you will need to pay the arrangement fee to your solicitor at completion.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage amounts

There is a minimum mortgage amount of £50,000.

The maximum loan amounts are:

• Up to 80% loan to value = £800,000
• Up to 70% loan to value = £1,250,000
• Up to 60% loan to value = Individual case assessment 

The maximum loan to value is 80%.

We have a minimum property value of £100,000 which increases to £250,000 for properties located within the M25 corridor.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage repayment terms

The minimum repayment term is 5 years and the maximum repayment term is 40 years. Maximum term will depend upon individual circumstance, for example applicant age and leasehold property restrictions.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Early Repayment Charges

Early Repayment Charges apply during the product term. You can overpay up to 10% of the original mortgage amount each calendar year without charge. However, if the overpayment exceeds 10%, the mortgage is repaid in full, or switched to another product before the end of the product term then the full amount of the Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

• 6% of the amount repaid until 31 December 2024;
• 5% of the amount repaid until 31 December 2025;
• 4% of the amount repaid until 31 December 2026;
• 3% of the amount repaid until 31 December 2027; and
• 2% of the amount repaid until 31 December 2029.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage tariff of charges

The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage. To view these, please click here.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Representative example

A mortgage of £158,000 payable over 25 years initially on a fixed rate until 31 December 2029, currently 5.49% and then our BTLVR, currently 8.79% for the remaining term would require an initial payment of £1,001.28 followed by 59 monthly payments of £977.28 and 240 monthly payments of £1,260.00.

The total amount payable would be £361,610.80 made up of the mortgage amount plus interest (£203,060.80) with a mortgage arrangement fee of £1,299, a mortgage valuation fee of £250, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 7.6% APRC representative.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE