Suffolk Building Society has launched a new 5-year fixed expat buy-to-let product for properties with an Energy Performance Certificate (EPC) rating of A to C.
The new product is available on both purchase and remortgage cases for expat landlords.
The new product has a maximum loan-to-value (LTV) of 80%, a minimum loan size of £75k, and maximum loan size of £1m – there is an application fee of £199 and a completion fee of £1,499.
Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, said: “Expat landlords are likely to be less aware of the forthcoming changes than landlords who are based in the UK.
“We want to support expat landlords who are looking to purchase or remortgage a BTL property with an EPC rating of A-C.”
The catalyst for the new product is the Government’s proposed requirement for all newly rented properties to have an EPC rating of C or above by 2025, followed by all existing tenancies by 2028.
Suffolk Building Society is committed to driving positive change in the housing market and hopes that in launching this new product, it will increase awareness of the need for landlords to comply with the new legislation coming into place soon.
Grimshaw continued: “We’re well known for our expat lending, so we’re pleased to be able to offer a 5-year fixed product that aligns with and takes future legislation into account.
“Indeed, helping to provide safe homes for people throughout the UK is an objective of the Society.
She added: “We hope this product helps to support expat BTL landlords with their purchase and remortgage of an energy efficient property, and that this, in turn, could help renters looking for similar homes.
“We will continue to offer other buy to let products for expat landlords whose properties aren’t A-C at present.
“We will also be launching other products in the future which will help support landlords wanting to improve their BTL EPCs through home improvements.”
