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Find the AnswerYOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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:
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 |
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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 |
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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 |
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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 |
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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 |
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To make life a little easier we have create a simple Jargon Buster to help you with terms you are unsure of.
Find the Answer