Saffron Building Society has announced that it has reduced rates and extended the terms across its range of Expat mortgages aimed at landlords who are looking to purchase or re-mortgage a ‘Buy To Let’ property in the UK whilst living abroad.
According to the lender, the new rates are: 3.77% fixed until 30.11.2024, 55% LTV and 4.17% fixed until 30.11.2024, 75% LTV.
Additional key features of Saffron’s latest Expat Buy To Let mortgages include, no restriction on countries – Expat Landlords can live in any location around the world including Australia, New Zealand and the USA. Available to First Time Buyers. Regulated Buy To Let accepted from non-EEA countries. No UK mortgage history required. No minimum income. Rental cover at 140% of pay rate.
Anita Arch, Head of Mortgage Sales at Saffron Building Society commented: “With over a million UK Nationals reportedly living overseas there is significant opportunity for intermediaries wanting to tap into the Expat Buy To Let market.
Although Brexit uncertainty is being touted as a potential factor to ‘dampen’ this specific market we’ve seen little evidence of this from our customers. In fact this latest ‘reduced rate’ offer has been introduced due to increasing demand for this product.
The continuing strength in the UK rental market and the ‘supply and demand’ factor adding value to property makes rental opportunities back at home an attractive investment for British expats living abroad.”