Saffron boosts ex-pat buy-to-let mortgage

Saffron for Intermediaries has enhanced its ex-pat deal as part of a shake-up of its buy-to-let offering. The lender has introduced a new 75 per

Saffron for Intermediaries has enhanced its ex-pat deal as part of a shake-up of its buy-to-let offering.

The lender has introduced a new 75 per cent loan-to-value (LTV) band with a discounted rate on its ex-pat buy-to-let mortgage and tweaked the criteria so that borrowers no longer need to show a history of having a UK mortgage.

The product has a 3.69 per cent discount rate available for up to three years, with a 2.5 per cent arrangement fee and an early repayment charge (ERC) of 3 per cent.

Saffron has no country restrictions and will consider first-time-buyers.

New fixed and discounted rates have been added to the lender’s everyday buy-to-let offering, which now has rental cover on debt-to-debt remortgaging at 125 per cent of pay rate and is available to first-time landlords.

Borrowers can opt for a 2.49 per cent discount rate for two years or a 2.77 per cent fix until 28 February 2023, both of which are available up to 75 per cent LTV.

The product has an arrangement fee of 2 per cent, and ERCs of 2 per cent for two years on the discounted loan and 3 per cent until the end of the fixed rate mortgage.

Anita Arch, head of mortgage sales at Saffron for Intermediaries, said: “Our ex-pat buy-to-let mortgage has always been incredibly popular and these enhancements make what was already a strong proposition even stronger. 

“Having no country restrictions, dropping the requirement for borrowers to be able to show a UK mortgage history and being able to consider first-time-buyers, will be welcomed by expats wanting to invest in UK property.

“Our everyday buy-to-let products also offer a choice of highly competitive fixed and discounted rates and we are willing to accept first-time landlords.”

Nathan Ball, mortgage broker at London-based Fox Davidson, welcomed the enhancements to the ex-pat mortgage.

“It sounds really good,” he said. “A lot of lenders who do expat mortgages have a lot of specific countries they have to use, and you have to have some history in the UK.

“Potentially you might have a client who has never bought a property in the UK before and gone out to work in Dubai or Germany or wherever, and wants to make an investment.”

simon.allin@ft.com

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