Ex-pat buy to let purchase

arrangement fee £1299

booking fee no fee

initial rate 5.64%

followed by our BTLVR 8.79%

the overall cost for comparison is 8.5% APRC

Discounted until 31/01/2027 . Early Repayment Charges apply. . This product may be withdrawn at any time.

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Product key features

Who's the product for?
Product related fees
Mortgage amounts
Mortgage repayment terms
Interest rate floor
Early Repayment Charges
Mortgage tariff of charges
Representative example

Who's the product for?

Our ex-pat buy to let product 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.
You must hold a valid notice address in the UK, this can be the solicitor's or family member's address.
You must also old 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 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 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
Less than 70% 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 circumstances, for example applicant age and leasehold property restrictions.

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

Interest rate floor

The interest rate is floored, meaning if rates drop it cannot fall below 4.89%.

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:

3% of the amount repaid until 31 January 2025; and
2% of the amount repaid until 31 January 2027.

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 £278,131 payable over 35 years on a discounted variable rate until 31 January 2027, currently 5.64% (equal to a 3.15% discount from our BTLVR) and then our BTLVR, currently 8.79%, for the remaining term would require an initial payment of £1,569.58 followed by 24 monthly payments of £1,526.31 and 395 monthly payments of £2,124.56.

The total amount payable would be £878,027.22 made up of the mortgage amount plus interest (£599,271.22) with a mortgage arrangement fee of £1,299, a mortgage valuation fee of £325, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 8.5% APRC representative.

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

Tools to help build your portfolio

FAQs

Do you credit score mortgage applications?

We don't operate a computer credit score system, each application is reviewed individually by a real person. At enquiry stage we will complete a credit check and once a full application is submitted we will carry out a full credit application that will leave a footprint on your credit file.

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Can I make overpayments on my mortgage?

If your mortgage is with us, you can make a mortgage overpayment by cheque, or electronically by BACS transfer. If you need more information, please call us on 0121 557 2551 or complete our online contact us form.

What is a mortgage overpayment?
A mortgage overpayment is where you choose to pay back more than your committed monthly repayments. This can be as and when you wish, or a regular overpayment.

Can I make mortgage overpayments?
You should check your mortgage product terms and conditions before you make an overpayment. Many mortgages will have Early Repayment Charges. This means that the lender will limit the amount you are able to overpay, if you exceed this limit you may incur Early Repayment Charges.

Benefits of mortgage overpayments
Making overpayments can help to reduce the amount of interest you pay back on your mortgage. It can also help you to pay your mortgage off sooner, so become mortgage free quicker!

While you can do this by reducing your mortgage term, an overpayment is not a set commitment, meaning that if you decide you wish to just pay your normal monthly repayment for a period, this is ok. However, if you lower your mortgage term the higher monthly repayment will be a commitment and must be paid regardless.

Calculating a mortgage overpayment
If you would like to know how much you can overpay on your mortgage, you can call your mortgage lender for an exact calculation.

However, if you wish to work this out yourself, you will need information regarding the fee structuring. For example, if you are able to overpay 10% of the amount owed each year, you will need to multiply the amount you owe by 0.1.

Examples of mortgage overpayments
Examples of calculating your mortgage overpayment are below:

You owe £100,000, you are able to overpay 10%. £100,000 x 0.1 = £10,000
You owe £100,000, you are able to overpay 5%. £100,000 x 0.05 = £5,000

You owe £250,000, you are able to overpay 10%. £250,000 x 0.1 = £25,000
You owe £250,000, you are able to overpay 5%. £250,000 x 0.05 = £12,500

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Do you lend on properties with a mine shaft?

We will consider lending on properties with a mine shaft, subject to underwriting. For affected properties we will need a copy of the Coal Authority Report.

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What types of property do you lend on?
We will lend on most properties built using standard construction methods and materials (brick or stone walls with a tiled or slated roof). We can also consider the following property types (subject to valuation):
- Timber framed walls with brick cladding;
- Thatched roof properties;
- Grade 2 listed;
- Prefabricated reinforced concrete (PRC) repaired properties that have the benefit of a 30 year insurance backed guarantee and structural warranty.
However, we will not lend on flats and apartments in blocks above five storeys high and we will not lend on ex-local authority flats or maisonettes.

If you're unsure whether your property type fits our criteria, please contact us and a Mortgage Adviser will be happy to help. Call 0121 557 2551, visit a branch or complete our online form.

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How much is a valuation fee?

A standard valuation report is used to calculate how much we will lend you. This is separate from any valuation or survey of the property you might want to commission for your own use. There are other homebuyers or structural survey options available to you at additional cost.

Some of our mortgages offer free valuations and the product pages will tell you if this is the case. Our mortgage valuation charges page will provide details of the costs incurred for both a standard valuation and the more detailed homebuyers report.

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Here to help you...

Discuss your options
Answer any of your buy to let questions
Help you understand our rental income requirements
Talk through our lending criteria

Zoe, from our mortgage team is happy to help 0121 557 2551*

Our lines are open:

Monday - Tuesday	09:00 - 17:00
Wednesday	09:30 - 17:00
Thursday - Friday	09:00 - 17:00
Saturday	09:00 - 12:00
Sunday	Closed

*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.

Your property may be repossessed if you do not keep up repayments on your mortgage.