Tipton & Coseley Building Society has increased the maximum loan-to-value (LTV) on its expat residential mortgages.
The Tipton will now lend up to 85% LTV with a maximum loan size of £600,000.
Existing 80% LTV products with a maximum loan size of £800,000 are retained to create a broader and improved range that starts from 4.94%.
There are 2-year discounts and 5-year fixed rates available, each with a £1,499 arrangement fee.
Andy Millard, the Tipton’s head of intermediary distribution, said: “We are pleased to be extending the opportunity to purchase a home in the UK to a wider number of expats.
“Increasing the maximum LTV means a smaller deposit is required and therefore creates choice for brokers and their clients seeking more specialist lending solutions.”
The Tipton recently increased its standard loan to income ratio to five times income across all mortgage products, with no minimum income requirement.
Millard said: “Not only are we utilising the five times income enhancement for expat customers, we have gone further by offering them an interest only option for the first time up to 75% LTV.
“We have also introduced the ability for close family members who are not named on the mortgage to occupy the property as well.
“These are just some of the ways through our purpose that we are helping our customers achieve their most important financial goals and secure a home of their own.”
