Expat Buy-to-Let

Our Expat products are suitable for UK nationals residing abroad who wish to purchase or re-mortgage a property in the UK.

Whatever your clients’ needs, they will also be guaranteed:

• a decision made by a skilled and knowledgeable underwriter, rather than an automated credit scoring system
• a fast and reliable service
• Rental Cover on debt for debt re-mortgage cases 125% of pay rate. Fees may be added to the loan.
• If your client is creditworthy but has been struggling to find a mortgage to suit their specific needs, we may be able to help.

And if one of our existing mortgages doesn’t quite fit, then we may be able to tailor a mortgage to suit their precise needs.

Key points for our Expat BTL mortgages

• Available to First-Time-Landlords & First-Time-Buyers

• Not available to applicants living in an EEA country

  Restricted countries:
  Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
   

• Regulated buy to let applications are accepted Expats in non-EEA countries, please note that regulated BTL mortgages are based on affordability and we will only accept sterling income on these applications.  We will not include rental received on this property towards the affordability calculation. (An application would be a regulated BTL if at some point, either now or in the future, you or an immediate family member will occupy the premises or be a tenant).
• 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.

Product 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
• Fees can be added to the loan for debt for debt remortgages
• Property must be let on an AST
• Rental assessment is based on occupation by 1 family on an unfurnished let
• No HMOs or Limited Companies
• Maximum Portfolio with Saffron of £1.5m (no external exposure limit)
• The applicant must have no adverse credit history in the past 3 years
• Interest only or repayment
• Minimum income £25,000
• 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. This is to be arranged prior to the application of the mortgage
• Maximum loan size £1,000,000.

Loans over this are priced on a bespoke basis and have restricted LTV’s

• For portfolio landlords the maximum LTV INCLUDING fees is 75%
• Regulated buy to let accepted from non-EEA countries - At some point, either now or in the future, you or an immediate family member will occupy the premises or be a tenant.

(The definition of an immediate family member includes: parents, grandparents, child, grandchild, brother or sister.)

* Overpayments of up to 10% per annum