Suffolk Building Society is set to launch a new range of 90% loan-to-income (LTV) expat residential mortgages from tomorrow, 17th April 2025.
The products include both 2-year and 5-year fixed rates and a 2-year discount rate.
They are available for purchase and remortgage, and are aimed at customers working overseas who have smaller deposits.
The society will offer the 2-year discount at 5.79% (SVR minus 2.35%) for 24 months, and the 2-year fixed rate at 5.95% until 31st July 2027.
The 5-year fixed rate is set at 5.79% for 60 months and the maximum loan size for these is £650,000.
There are also reductions to the 80% LTV expat residential 2-year fixed rate, which is now 5.59% (previously 5.69%), and the 2-year fixed interest-only, which is now 5.79% (previously 5.89%).
Maximum loans are £2m and £1m respectively.
Additionally, Suffolk Building Society said it will accept 16 different currencies, including multi-currency applications, and will consider most countries where applicants are resident.
The society will lend to couples where one applicant is a British national and the other is a foreign national, provided the British national meets the criteria and affordability.
There is no age cap on borrowing and joint borrower sole proprietorship is available on these expat products.
Charlotte Grimshaw, head of intermediaries at Suffolk Building Society, said: “Many people living and working abroad wish to purchase or retain property in England or Wales, either as a home for visits back to the UK or accommodation for family who wish to remain here.
“By offering a higher LTV option we’re allowing expats to buy a property sooner (less deposit) and facilitating those wanting to put down a smaller deposit and retain funds for home improvements or other investments.
“Having a home in the UK is a requirement for many expats.”
Grimshaw added: “Our expat lending is growing year on year – this is undoubtedly down to our flexible approach to expats, and our expert sales team and underwriters who understand the nuances of expat lending.
“We’ve adapted our products and criteria to suit the needs of expats; the launch into 90% LTV is on the back of broker feedback.”
