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

Key Comparison Notes

A 2.20% discount off the Society’s Standard Variable Rate for 3 years making the current rate payable. 5.79%
After 3 years the Society’s Standard Variable Rate for the remaining term of the loan, currently: 7.99%
The overall cost comparison is: 7.6%
APRC

Expat Residential (Purchase & Remortgage)

Capital Repayment
Interest Only
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 75% for repayment mortgages and 50% for interest only mortgages.
Available for lending in the EU with the exception of Italy and The Netherlands.
Minimum income £40,000 (UK sterling equivalent)

The Society will, subject to compliance with mortgage conditions, offer a 2.20% discount off the Society’s Standard Variable Rate for 3 years, making the current rate payable 5.79%. 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 2.00% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3, less the permitted 10% annual 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 2% of the excess amount in years 1 and 2 and 1% of the excess amount in year 3.

The Society will consider applications from expatriates, where the borrower works and resides overseas and therefore is classified as an expatriate but earns income in GBP. Affordability will be assessed under standard rules, but, will take into account any additional costs associated with maintaining a home overseas.

Or, where the borrower works overseas for a multinational company, and wishes to retain a home in the United Kingdom, possibly for the benefit of a family but is paid in a currency other than GBP. 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.

Minimum income £40,000 (sterling equivalent). For the purposes of affordability, income will be subject to 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.

Fees

  • 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 2% of the capital repaid in years 1 and 2 and 1% of the capital repaid in year 3.
  • Application Fee – £249   Payable on application. Non-refundable.
  • Product Fee – £1250.
  • 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.

This mortgage is portable, subject to suitable security and underwriting assessment.

Where any part of the loan is arranged on an interest only basis, the interest only element must not exceed 50% LTV. A suitable repayment vehicle sufficient to cover the interest only part of the loan needs to be in place.

This product may be withdrawn without notice.

Representative Example

A mortgage of £162,700 payable over 15 years on our discounted rate for 3 years at 2.20% below the Society’s current variable rate, making the current rate payable 5.79% (variable), and then on our current variable rate of 7.99% (variable) for the remaining 12 years would require 36 monthly payments of £1,354.56 and a further 144 monthly payments of £1,518.89 plus one initial interest payment of £387.14.

The total amount payable would be £269,785.17 made up of the loan amount plus interest (£105,226.17) and an application fee of £249, a product fee of £1,250, a valuation fee of £310 and a mortgage exit fee of £50.

The overall cost for comparison is 7.6% 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:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
Foreign Currency Residential (Purchase & Remortgage)P016View DetailsDirect & Broker5.79%3 YearsSVR£249£1250NoNo80%£75,000£500,0002% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3

 

  • The product provides a discount off the Society’s SVR for 3 years. The rate payable will not go below a floor rate of 3% during the discounted period.

 

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

 

  • Portable

 

Expat Residential (Purchase & Remortgage)P012View DetailsDirect & Broker5.79%3 YearsSVR£249£1250NoNo75%£75,000£500,0002% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3.

 

  • The product provides a discount off the Society’s SVR for 3 years. The rate payable will not go below a floor rate of 3% during the discounted period.

 

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

 

  • Portable

 

Expat Buy to Let (Purchase & Remortgage)P013View DetailsDirect & Broker5.59%3 YearsSVR£249£1350NoNo70%£75,000£500,0002% of capital repaid in years 1 and 2 and 1% of capital repaid in year 3

 

  • The product provides a discount off the Society’s SVR for 3 years. The rate payable will not go below a floor rate of 3% during the discounted period.

 

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

 

  • Portable

 

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