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

Key Comparison Notes

A 0.86% discount off the Society’s Standard Variable Rate for 3 years making the current rate payable. 3.89%
After 3 years the Society’s Standard Variable Rate for the remaining term of the loan, currently: 4.75%
The overall cost comparison is: 4.8%
APRC

Expat Residential

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 only lend to expatriates of the United Kingdom. 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. The underwriter must satisfy themselves in regards to the motives for purchasing a residential property in the UK and ensure that adequate buildings insurance exists for unoccupied periods.

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, 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 equilvalent). 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 3% of the capital repaid.
  • Application Fee – £249   Payable on application. Non-refundable.
  • Product Fee – £1250.
  • Underwriting Fee – For loans between £275,000 and £500,000 an underwriting fee of £500 will apply. Payable on acceptance of the mortgage offer. Can be added to loan (subject to LTV limits). Can be deducted from advance upon completion (subject to LTV limits). The fee must be paid to the Society prior to the advance monies being released. This fee is non-refundable.
  • Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.

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

This product may be withdrawn without notice.

Representative Example

A mortgage of £105,151.00 payable over 18 years on our discounted rate for 3 years at 0.86% below the Society’s current variable rate, making the current rate payable 3.89% (variable), and then on our current variable rate of 4.75% (variable) for the remaining 15 years would require 36 monthly payments of £677.73 and a further 180 monthly payments of £718.08 plus one initial interest payment of £168.10.

The total amount payable would be £155,640.07 made up of the loan amount plus interest (£48,670.07) and an application fee of £249.00, a product fee of £1250.00 and a valuation fee of £270.00 and a mortgage exit fee of £50.00.

The overall cost for comparison is 4.8% APRC representative.

Further Expat Mortgage Products:

ProductsProd CodeMore DetailsDistributionInitial RateInitial PeriodReverts toApp FeeProduct FeeUnderwriting FeeFree Val?Fee Assisted Legals?Max LTVMin Loan AmountMax Loan AmountERCFeatures
Foreign Currency Residential (Purchase & Remortgage)FCRMView DetailsSelected Brokers Direct3.75%3 YearsSVR£199£1250For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo75%£75,000£500,0003% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Expat ResidentialREXPView DetailsSelected Brokers Direct3.89%3 YearsSVR£249£1250For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo75%£75,000£500,0003.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

Expat Buy to LetBEXPView DetailsSelected Brokers Direct3.99%3 YearsSVR£249£1350For loans between £275,000 and £500,000 an underwriting fee of £500 will apply.NoNo70%£75,000£500,0003.00% During Disc Period

Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge.
Portable

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