YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Key Comparison Notes
|A 0.76% discount off the Society’s Standard Variable Rate for 3 years making the current rate payable.||7.23%|
|After 3 years the Society’s Standard Variable Rate for the remaining term of the loan, currently:||7.99%|
|The overall cost comparison is:||8.3%
Expat Buy to Let (Purchase & Remortgage)
Part Capital Repayment and Part Interest Only
The minimum loan amount is £75,000.00.
The maximum loan amount is £500,000.00.
The maximum loan to value is 70%.
The Society will, subject to compliance with mortgage conditions, offer a 0.76% discount off the Society’s Standard Variable Rate for 3 years, making the current rate payable 7.23%. After 3 years the Society’s Standard Variable Rate, currently 7.99% will apply. The rate payable will not go below a floor rate of 3% during the discounted period.
An early repayment charge will be payable if the mortgage is redeemed within the first three years. The early repayment charge will be equivalent to 3.00% of the capital repaid less the permitted 10% overpayment allowance. Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. Any amount repaid over the 10% limit will incur an early repayment charge of 3.00% on the excess amount.
The Society will only lend to expatriates of the United Kingdom. The Society will not consider applications from residents of the EU/EEA.
The Society will consider applications from expatriates, where the rental income is earned in GBP and affordability of the mortgage is assessed against the rental income, stressed at the Society’s stress rate and interest coverage ratio, with no reliance upon a ‘top up’ from income derived in a foreign currency. Loans of this nature are not deemed to be foreign currency loans.
Buy to Let (with top-slicing) – the Society will consider applications from expatriates, where rental income is ‘topped up’ from personal affordability, using income derived from the applicants’ employment. Where this income is paid in a currency other than GBP this loan is treated as a foreign currency loan. Acceptable currencies are: Australian Dollars, Canadian Dollar, Chinese CNY/RMB, Denmark Krone, Euro, Hong Kong Dollars, Norway Krone, Qatari Ryals, Saudi Ryal, Singapore Dollars, Swedish Krone, Swiss Francs, US Dollar, U.A.E. (Emirati) Dirhams. Both business buy to let and consumer buy to let are acceptable on this basis.
Expatriate Buy to Let portfolio landlords are not acceptable.
- Application Fee – £249 Payable on application. Non-refundable.
- Product Fee – £1350.
- Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
- Mortgage Exit Fee – £50. Payable upon redemption of the mortgage.
If the mortgage is on an interest only basis with the mortgaged property being the repayment vehicle, the Society will require a five yearly review of the value of the property, the cost of which will be borne by the borrower. The cost of each revaluation will be in the region of £100. If the balance outstanding exceeds 70% at the time of the revaluation, the Society may require the balance on the mortgage to be reduced accordingly.
If the mortgage is on an interest only basis, compliance with the terms and conditions of the mortgage contract does not ensure repayment of the total amount of credit, as the monthly repayments required will only repay the interest on the mortgage and not the capital outstanding.
As this product will apply to property which is not owner occupied, the loan will not be a Mortgage Credit Directive (MCD) regulated mortgage contract under the Financial Conduct Authority’s Mortgage Conduct of Business Regulations.
This mortgage is portable, subject to suitable security and underwriting assessment.
This product may be withdrawn without notice.
A mortgage of £126,318.90 payable over 23 years on our discounted rate for 3 years at 0.76% below the Society’s current variable rate, making the current rate payable 7.23% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 20 years would require 36 monthly payments of £940.22 and a further 240 monthly payments of £995.98 plus one initial interest payment of £375.32.
The total amount payable would be £275,289.12 made up of the loan amount plus interest (£147,071.22) and an application fee of £249, a product fee of £1,350, a valuation fee of £250 and a mortgage exit fee of £50.
The overall cost for comparison is 8.3% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Further Expat Mortgage Products:
|Products||Prod Code||More Details||Distribution||Initial Rate||Initial Period||Reverts to||App Fee||Product Fee||Free Val?||Fee Assisted Legals?||Max LTV||Min Loan Amount||Max Loan Amount||ERC||Features|
|Foreign Currency Residential (Purchase & Remortgage)||P016||View Details||Direct & Broker||6.99%||3 Years||SVR||£249||£1250||No||No||75%||£75,000||£500,000||3% During Disc Period|
|Expat Holiday Let (Purchase & Remortgage)||P022||View Details||Direct & Broker||7.49%||3 Years||SVR||£249||£1350||No||No||70%||£75,000||£500,000||3.00% During Disc Period|
|Expat Residential (Purchase & Remortgage)||P012||View Details||Direct & Broker||7.13%||3 Years||SVR||£249||£1250||No||No||75%||£75,000||£500,000||3.00% During Disc Period|
|Expat Buy to Let (Purchase & Remortgage)||P013||View Details||Direct & Broker||7.23%||3 Years||SVR||£249||£1350||No||No||70%||£75,000||£500,000||3.00% During Disc Period|