Saffron Building Society has responded to feedback from intermediaries and introduced further reduced rates and fees and has extended terms to its range of Expat mortgages. This latest offering gives brokers the opportunity to provide new options to landlords looking to purchase or re-mortgage a ‘Buy To Let’ property in the UK whilst living abroad.
3.17% fixed until 31.3.2025, 55% LTV
3.47% fixed until 30.3.2025, 75% LTV
2.74% (SVR-2.9%) discount for 2 years, 55% LTV
2.94% (SVR-2.7%) discount for 2 years, 75% LTV
With the UK expat population leaving the UK shores at a rate of 120,000+ last year to join the 4.9M British citizens already residing in other countries,* Saffron sees good prospects for brokers wishing to grow their business with Expat investors managing rental properties back home.
Mortgage offers will be considered for Expats residing in any location around the world, including popular destinations such as Australia, New Zealand and the USA (unlike many other lenders). Each application is also individually assessed by a skilled underwriter to enable increased eligibility and a positive outcome wherever possible.
Key Features of Saffron’s improved Expat Buy to Let range
- Reduced fees (Fixed rate fees reduced from 2.5% to 1%, Discounted rate fees reduced from 2.5% to a fixed fee of £1,299)
- Reduced rate on all our Expat Buy to Let range
- Reduced term on our Discount Rate (55% LTV) from three years to two years
Additional key features include:
- Available to First Time Buyers
- Regulated Buy To Let accepted from non-EEA countries
- No UK mortgage history required
- Rental cover at 140% of pay rate
- Rental cover on debt for re-mortgage cases 125% of pay rate
Anita Arch, Head of Mortgage Sales at Saffron Building Society commented: “As a specialist mortgage provider we are delighted to bring this range of improved Expat Buy to Let mortgages to the broker market, which is what our intermediaries have been asking for. Investment opportunities for those living abroad can be limited, this latest option for landlords opens more doors to maximise income.”
If you have any questions please speak with our Business Development Mangers, who will be happy to help:
Holly Andrews: 01799 582885
Gemma Reynolds: 01799 582925