Suffolk Building Society has added a range of 90% LTV products to its expat residential mortgage portfolio. This comprises two and five-year fixed products and a two-year discount.
The range will give customers with smaller deposits greater flexibility when it comes to retaining or purchasing a home in the UK while they are working overseas.
Available for both purchase and remortgage, the two-year discount rate starts at 5.79% with a two-year fix at 5.95% and five-year fix at 5.79%. The maximum loan size is £650,000.
The Society has also reduced 80% LTV two-year fixed rate products by 10bps. A two-year fix is down to 5.59% with a maximum loan size of £2m and a two-year fixed interest-only product has reduced to 5.79% with a maximum loan size of £1m,
The Society will accept 16 currencies (including multi-currency applications) on expat residential and will consider most countries of residence. The Society will lend to couples where one is a British national and the other is a foreign national, as long as the British national meets criteria and affordability. There is no age cap on borrowing, and joint borrower sole proprietorship (JBSP) is also available on expat products.
Charlotte Grimshaw (pictured), head of intermediaries at Suffolk Building Society, said: “Many people living and working abroad wish to purchase or retain property in England or Wales, either as a home for visits back to the UK or accommodation for family who wish to remain here. By offering a higher LTV option we’re allowing expats to buy a property sooner (less deposit) and facilitating those wanting to put down a smaller deposit and retain funds for home improvements or other investments. Having a home in the UK is a requirement for many expats.
“Our expat lending is growing year on year – this is undoubtedly down to our flexible approach to expats, and our expert sales team and underwriters who understand the nuances of expat lending. We’ve adapted our products and criteria to suit the needs of expats; the launch into 90% LTV is on the back of broker feedback.”
