Purchasing buy to let (BTL) property in the UK continues to be a more achievable goal for many expats. The pound is weaker than it has been in the past, yet the UK rental market remains buoyant and national interest rates low. This is good news for expats who receive their income in foreign currency. This year, sterling has already fallen to its lowest point in 3 years against the dollar and remains down against the Euro. Equally the Singaporean dollar, for example, continues its 10-year dominance over the pound, giving a wide variety of expats greater purchasing power within the UK property market.
It therefore remains a brilliant time for expats to buy investment property within the UK. It has, however, often been difficult for expat borrowers to acquire a loan in the UK: Many lenders stipulate a UK property qualification before lending to expats, loan to value (LTV) on expat mortgages have commonly been low and rates unfavourable in the past.
Due to our unusually large network of lenders at Enness, we have been able to source a lender whose rates are specifically designed for the British expat BTL property market within the UK.
The lender concerned has put together a hugely attractive product for expat BTL investors, the expat buy to let discounted variable rate mortgage:
- 3 year discounted variable rate (DVR)
- 2.99% rather than 4.99% tracks bank’s standard variable rate (SVR)
- 75% LTV
- Minimum £300,000 loan
- Free valuation and lender legal charges
- No property qualification in UK
- £1999 mortgage application fees
- £999 refinance fees
The DVR can fluctuate with interest rates but will still remain 2% lower than the SVR for 3 years. With interest rates not predicted to rise any time soon. This is another example of how we at Enness are adept at helping clients source a bespoke solution to their unique mortgage issues.
Our growing expat client base will be delighted to hear about the expat buy to let discounted variable rate mortgage which offers value for money and exceptionally at favourable rates.
We will be all too happy to hear from you to discuss this product further.