overseas investors

More mortgage options for expats purchasing buy-to-let in the UK

Living overseas does not need to be a barrier to owning and buying property to rent out in the UK, and one mortgage provider has just lowered its rates for expats.

The UK property market has long since been one of the top choices for investors living overseas, and there has been a surge in activity recently due to exchange rates becoming even more favourable for overseas currencies. The rental market remains strong, and therefore most investors are looking to get involved in buy-to-let to maximise their returns from their property investments.

As such, more lenders are getting on board to offer this section of the market a better range of options, and Saffron Building Society is the latest to have announced a reduction of its rates and fees on its expat buy-to-let mortgage products, while the terms have also been extended. The move will open up more options to landlords living overseas, with mortgages available for first-time landlords, portfolio landlords and those looking to remortgage their UK property.

Cheaper rates for expats

The new five-year fixed rate options are now 3.17% on a 55% LTV and 3.47% on a 75% LTV, fixed until March 2025 and available for remortgages, although you must be a new customer to secure this deal. Arrangement fees have been reduced from 2.5% to 1% of the loan amount, while Saffron’s discount mortgage products on variable rates are now charged a flat rate arrangement fee of £1,299.

According to the lender, there is no restriction on location, with all countries around the world being considered, and no mortgage history is required.

Anita Arch, head of mortgage sales at Saffron Building Society, commented: “As a specialist mortgage provider we are delighted to bring this range of improved expat buy-to-let mortgages to the broker market, which is what our intermediaries have been asking for. Investment opportunities for those living abroad can be limited, [so] this latest option for landlords opens more doors to maximise income.”

Top locations for overseas investors

While London is still the most popular investment location for overseas investors, other areas are increasingly being explored including Manchester, Liverpool and Birmingham, where buy-to-let yields are particularly high. Such areas have received major boosts through regeneration and investment, creating a vastly improved housing market that continues to thrive and grow.

While it was once more challenging to obtain a buy-to-let mortgage from abroad, lenders are seeing this rising trend as an opportunity and there are now more products available than ever for investors who are not cash buyers.

Read our guide for more information on being a landlord from overseas, and take a look at some of our investment opportunities which are perfect for international buyers.

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