Ipswich Building Society has refreshed its expat residential and buy-to-let products and extended the availability of its full expat range. Previously only available to a selected range of brokers, the Society has now announced the Society’s products are available to mortgage intermediaries in its heartland area plus selected networks and clubs.
The expat range, which is designed to accommodate UK nationals temporarily working abroad, will help those who are wishing to purchase or remortgage a residential or buy-to-let property in the UK.
The expat residential product has been refreshed from 75% to 90% maximum loan to value, which is available to applicants paid in GBP only. This product is designed for UK nationals working abroad who wish to purchase or remortgage a property where either they or their families will live.
In a new move for buy to let discount products, the Society can now “top slice” when assessing affordability, meaning it will use the applicant’s GBP personal income to ‘top up’ any shortfall for those who do not meet rental cover requirements.
All borrowers will benefit from the Society’s manual approach to underwriting, where each application is assessed on affordability, as opposed to a fixed computer score.
Commenting on the changes to the expat mortgage range, Ipswich Building Society CEO, Richard Norrington, said: “I am delighted that we are extending the reach of our expat mortgages to intermediaries in our heartland area, and our existing networks and clubs. This increases accessibility for the growing number of employed Britons living abroad who are looking to purchase or remortgage a property in the UK.
“Our ability to top-slice on discount rate products will give applicants who are unable to meet rental cover requirements the opportunity to purchase or remortgage their desired property within the UK. This helps us further support those mortgage misfits who are finding it difficult to access the mortgage market.”
All expat products are available with a £500,000 maximum loan amount and the Society’s usual expat criteria apply:
• Applicant must be a UK national
• Applicant must be employed by a recognised international employer
• Residential applicants must be paid in GBP only
• Self-employed applicants are accepted on a case by case basis, subject to acceptable accounts being obtained
• Minimum loan £75,000