Suffolk Building Society has announced that it has launched two new expat mortgages - one buy-to-let and one residential (capital & interest). Both are 3-year deals with a fixed rate of 5.49%.
This rate can be locked in for purchases and remortgages until 30 June 2028. The maximum loan to value (LTV) is 80%, and the maximum loan amount is £2m for the expat residential product, and £1m for expat BTL.
The society will accept multiple currencies on one application and consider most countries of residence for expat residential and expat BTL (except UN-sanctioned countries).
While most currencies are accepted for expat BTL, the lender has highlighted that 16 currencies are accepted on expat residential and regulated BTL. 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 the criteria and affordability. There is no age cap on borrowing, and Joint Borrower Sole Proprietorship is also available on expat products.
“We know that many customers are looking for financial stability and these products do just that, without tying borrowers in for longer than they may feel comfortable," explained Suffolk Building Society Head of Intermediaries, Charlotte Grimshaw (pictured) "Expectations are that rates will begin to fall over the next couple of years so borrowers may feel that a 5-year fix is too long, and a 2-year deal isn’t quite long enough. We believe our 3-year expat deals are in the Goldilocks zone, being ‘just right’ for this type of borrower.”
