Ex-pat buy to let remortgage 5 year fixed rate

Ex-pat buy to let remortgage 5 year fixed rate

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 aged 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.
• Your client must hold a valid notice address in the UK, this can be a solicitor's or family member's address.
• Your client must also hold a UK bank account and the mortgage payments and rental payments must be serviced by the same UK bank account. However, they 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 the 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 lock 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 your client will 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.

Free standard valuation: We will contribute up to £350 towards the cost of a valuation. To see our valuation fees, please click here.

Legal fees cashback: Your client will receive £250 cashback from the society towards their legal costs.

There is an arrangement fee of £1,999.00. This fee can be taken off the mortgage amount, or your client can add the fee to the amount borrowed. If they choose to add the arrangement fee to their mortgage they will pay interest on the fee at the same rate as their mortgage. If they choose to take the arrangement fee off the mortgage, this will be deducted from the amount they borrow and so, they will need to pay the arrangement fee to their solicitor at completion.

There is a minimum mortgage amount of £50,000.00.

The maximum loan amounts are:

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

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

The maximum loan to value is 80%.

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

Early Repayment Charges apply during the product term. Your client 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 28 February 2025;
• 5% of the amount repaid until 28 February 2026;
• 4% of the amount repaid until 28 February 2027; 
• 3% of the amount repaid until 29 February 2028; and
• 2% of the amount repaid until 28 February 2030.

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