Expat Buy-to-Let

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

Key points for our Expat BTL mortgages

• Available to First-Time-Landlords & First-Time-Buyers
• All documentation not in English will need to be translated by a qualified translator - e.g Bank statements, payslips and proof of address documents.
• Regulated buy to let applications are accepted if the applicant has Sterling income, please note that regulated BTL mortgages are based on affordability. 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 £3,000,000 (no external exposure limit)
• Interest only or repayment
• Minimum income £25,000. At least one applicant must meet the minimum income requirement.
• 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 £3,000,000.
• Loans over this are priced on a bespoke basis and have restricted LTVs
• For portfolio landlords the maximum LTV INCLUDING fees is 75%
• The applicant must have been overseas for at least 3 months
• The applicant must be a British Passport holder or have permanent rights to remain

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