Suffolk BS launches new residential and buy-to-let expat mortgages

Suffolk Building Society has launched two new expat mortgages - one residential and one buy-to-let. 

The Society will accept multiple currencies on one application and consider most countries of residence for expat residential and buy-to-let (except UN-sanctioned countries).

Most currencies are accepted for expat buy-to-let and 16 currencies are accepted on expat residential and regulated buy-to-let. The Society will lend to couples where one is a British national and the other is a foreign nation, as long as the British national meets criteria and affordability. There is no age cap on borrowing, and joint borrower sole proprietorship (JBSP) is also available on expat products.

Both new products are three-year deals with a fixed rate of 5.49%. This rate can be locked in for purchases and remortgages until 30th June 2028. The maximum LTV is 80% and the maximum loan amount is £2m for the expat residential product and £1m for buy-to-let.

Charlotte Grimshaw (pictured), head of intermediaries at Suffolk Building Society, said: “We know that many customers are looking for financial stability and these products do just that, without tying borrowers in for longer than they may feel comfortable. 

"Expectations are that rates will begin to fall over the next couple of years so borrowers may feel that a five-year fix is too long, and a two-year deal isn’t quite long enough. We believe our three-year expat deals are in the Goldilocks zone, being ‘just right’ for this type of borrower.”