Expat Mortgages with Penrith Building Society

Expat Mortgages

We understand that situations change – so if you need to move overseas or are already living abroad and need a lender who will support your mortgage needs, talk to us…

The Society will only lend to expatriates of the United Kingdom and on property located in England, Scotland or Wales.  We consider applications from expatriates, on the following basis:

Buy to Let: where the rental income is earned in pounds sterling and affordability of the mortgage is met by the rental income received.

Buy to Let (with top-slicing):  This is where the rental income is ‘topped up’ from personal affordability, using income derived from employment.  Where this income is paid in a currency other than pounds sterling this loan is treated as a foreign currency loan. This means that we will need to regularly review any exchange rate risk the borrower may be susceptible to, and notify them of this accordingly.

Residential Purchase: Where the borrower works and resides overseas and therefore is classified as an expatriate (but earns income in pounds sterling), the application will be assessed under standard rules.  We will take into account any additional costs associated with maintaining a home overseas.  We’ll also need to establish the motives for purchasing a residential property in the UK and ensure that adequate buildings insurance exists for unoccupied periods, but we are happy to consider and support these types of loans.

Residential Purchase: where the borrower works overseas and wishes to retain a home within the UK, possibly for the benefit of family but is paid in a currency other than pounds sterling.

Residential Purchase: Where the borrower lives and works in the UK but works for an employer who pays them in a foreign currency (a currency other than pounds sterling).  These borrowers may be considered as acceptable, subject to meeting criteria, for our foreign currency mortgage product.

Other Information:

  • Minimum income £40,000 (sterling equivalent).
  • For the purposes of affordability, income will be subject to a 20% (haircut) reduction, prior to any affordability assessment or the application of a stress test.
  • Where expatriates are looking to remortgage property, this will be acceptable to the Society. However, the Society will not offer any incentive in terms of free valuations or fee assisted legal work.  These expenses will be met by the borrower.
  • Expatriate Buy to Let portfolio landlords are not acceptable.
  • Minimum loan amount is £75,000
  • Maximum loan amount is £500,000
  • The maximum loan to value is 70%
  • Products are available via direct submission to the Society or via any mortgage broker authorised to submit business to the Society
  • A range of currencies are acceptable.  Please contact us for further information.

Further Expat Mortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
Foreign Currency Residential (Purchase & Remortgage)P007View DetailsBrokers & Direct3.75%3 YearsSVR£249£1250NoNo75%£75,000£500,0003% During Disc Period

Overpayments up to 10% of the outstanding loan per year.

Expat Residential (Purchase & Remortgage)REXPView DetailsSelected Brokers Direct3.89%3 YearsSVR£249£1250NoNo75%£75,000£500,0003.00% During Disc Period

Overpayments up to 10% of the outstanding loan per year.

Expat Buy to Let (Purchase & Remortgage)BEXPView DetailsBrokers & Direct3.99%3 YearsSVR£249£1350NoNo70%£75,000£500,0003.00% During Disc Period

Overpayments up to 10% of the outstanding loan per year.


LTV - Loan To Value
SVR - Standard Variable Rate (currently 4.75%)
Fee Assisted Legals - where the product selected includes fee assisted legals, the applicants must use the Society's nominated solicitors.
For loans in excess of 80% LTV, a higher lending charge will be payable. From time to time, the Society may meet this charge for you. Full details will be included within your ESIS Illustration. Where the fee is paid by Penrith Building Society, this will be up to a maximum of £1,500. Where the Higher Lending Charge is more than £1,500, you will be responsible for meeting the sum in excess of £1,500.
Self Build/Rennovation mortgage - 75% on plot / 75% max LTV available throughout the build, payable in arrears. Borrowers are expected to contribute their own funds in advance of mortgage draw down throughout the construction.
On a product by product basis, the Society applies limits to the maximum sum it is prepared to advance. These limits vary, dependent upon the product selected. Please refer to individual product information for further guidance.
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