Our Expat products are available for UK nationals residing abroad who wish to purchase or re-mortgage a property in the UK.
Eligibility and applicant criteria
- Available to First-Time-Landlords & First-Time-Buyers
- The applicant must be a British Passport holder or have permanent rights to remain
- Regulated buy to let applications are accepted if the applicant has Sterling income.
- Maximum Portfolio with Saffron of £3,000,000 (no external exposure limit)
- All documentation not in English will need to be translated by a qualified translator - e.g Bank statements, payslips and proof of address documents.
- No country restrictions – subject to list of sanctioned countries. We will condition the offer for nomination of a UK solicitor with a minimum of 2 partners who will act for the applicant, on whom the society can serve notice in the event of default. Please note this is a requirement of an offer and we will not proceed to completion without this.
Loan, Fee and product details
- Fees can be added to the loan for debt for debt remortgages
- Interest only or repayment
- Maximum loan size £3,000,000. Loans over this are priced on a bespoke basis and have restricted LTVs
- For portfolio landlords the maximum LTV INCLUDING fees is 75%
Property requirements
- Property must be let on an AST
- Minimum Property Value: £100,000
- Rental assessment is based on occupation by 1 family on an unfurnished let
- No HMOs or Limited Companies
Affordability and income criteria
- 5 Year Fixed Rate - 140% of pay rate
- 2 Year Fixed Rate and Variable rates: Rental cover 140% of either pay rate +2% or 5.5% whichever is higher
- Rental Cover on debt for debt remortgage cases 125% of pay rate
- For unexperienced landlords, at least one applicant must meet the minimum income requirement of £25,000 and a minimum of 12 months landlord experience
- No minimum income for experienced landlords - with a minimum of 12 months experience
- Regulated buy to let mortgages are based on affordability. We will not include rental received on this property towards the affordability calculation.