ExPat Buy to Let Mortgages

Our ExPat mortgage can offer a solution to help your client purchase or remortgage an investment property whilst they are living outside of the United Kingdom.

Product Name

The overall cost for
comparison is:

Rate structure based
on our Standard
Variable Rate

Availability

Flexibility

Fees

Early Repayment Charges

3 year Buy to Let
1% Discount
BDD018

5.5% APRC

4.44% variable for 3 years followed by Standard Variable
Rate, currently
5.44%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV).

Overpayments up to 20% of the capital
balance as at 1st January allowed in each calendar year without penalty.
Portable.

Product Fee 1% of advance (Minimum £999)
Administration Fee £125
Valuation Fee (BTL scale)
Completion Fee £75.

3% in years 1 & 2 , 2% in year 3 , plus a Closing Administration Fee (currently £100).

5 year Buy to Let
4.99% Fixed
BDF003

5.6% APRC

4.99% fixed for 5 years followed by Standard Variable
Rate, currently
5.44%.

Purchase &
Remortgage
up to 80% Loan To Value (LTV).

Overpayments up to 20% of the capital
balance as at 1st January allowed in each calendar year without penalty.
Portable.

Product Fee 1% of advance (Minimum £999)
Administration Fee £125
Valuation Fee (BTL scale)
Completion Fee £75.

3% in years 1 2, 3, and 4 then 2% in year 5, plus a Closing Administration Fee (currently £100).

An example: A mortgage of £178,000 taken out for a period of 22 years on an interest only basis.

Monthly instalments: £659.22 per month for 35 months, followed by £809.22 per month for 228 months.

Total amount payable: £387,818.14

Total amount of credit: £178,000

The total amount payable includes product fee £1,780 valuation fee £285, administration fee £125, closing fee £100 and completion £75.

The example relates to Product Code BDD018, is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your clients particular requirements.

We have no current plans to withdraw this product but it may be withdrawn without notice.

Lending Criteria and Information

Criteria:	Applicants must have an existing UK mortgage. Mortgage payments must be made from a UK bank account in Sterling. The property is not to be occupied by the borrowers family.
Accepted Countries:	Austria, Belgium, Canada, Cyprus, Czech Republic, Demark, Estonia, Finland, France, Germany, Gibraltar, Hong Kong, Iceland, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Arab Emirates, UK Crown Dependencies.
Loan:	Size: Minimum £100,000, Maximum £500,000. Term: Minimum 5 years, Maximum 40 years. Repayment Type: Interest Only and must be from sale of the property.
Property:	The property must be in England, Wales or mainland Scotland and be of standard construction. Please note we are unable to lend on flats in mainland Scotland.
Applicant:	Age: Minimum 25, no maximum, subject to income in retirement.
Income:	Household income must be at least £30,000
Rental:	The rental income must be received in Sterling. Interest Cover Ratio of 145% is required, using our stressed interest rate of the product rate + 2%.
Underwriting:	We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for your case will depend on your clients circumstances and our assessment of the risk.
Procuration Fees:	We will pay an uncapped procuration fee of 0.35% of the amount borrowed to directly authorised and regulated intermediaries on completion of the mortgage. Where the intermediary is an Appointed Representative, the fee will be paid to the Principal. In the event of a change of Principal for any reason, the fee will be paid to the firm responsible for the information or advice at the time the sale was made.

Please contact the Intermediary Sales team to discuss your requirements by calling us on 01225 475702 or by email at intermediaries@bibs.co.uk