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Expat mortgages: investing in UK property


Due to the operational challenges created by the COVID-19 pandemic, we have temporarily restricted our lending criteria and withdrawn a number of our mortgage products. Visit the FAQs for more information.


At Ipswich Building Society, we offer a range of mortgages to British expats living or working abroad. Rather than put expat homebuyers through a computerised process, we prefer to assess each application on its own merit. We can’t promise to lend to every expat, but we will promise that each and every application is reviewed by one of our mortgage underwriters, giving them a fair assessment and the chance to have all of their circumstances taken into account.

We can offer expats mortgages up to 75% loan to value with a maximum loan size of £750k. To be eligible, residential applicants must be paid in Sterling or a selected foreign currency and meet our usual affordability criteria.

Acceptable foreign currencies include:

  • Euro
  • US Dollar
  • Canadian Dollar
  • Singapore Dollar
  • Hong Kong Dollar
  • Swiss Franc
  • Norwegian Krone
  • UAE Dirham
  • Kuwaiti Dinar
  • Qatari Riyal

You can find a brief overview of our expat lending criteria below.

UK property investment for rental income

Some expats may wish to invest in UK property for rental income. At Ipswich Building Society we calculate affordability based on the rental cover, so for our Buy to Let expat products we're able to accept applicants paid in a foreign currency. Plus, when assessing a Buy to Let expat application we can top slice, which means we can take Sterling-only personal income into account and utilise this to ‘top up’ any shortfall where rental cover requirements are not met.

Our expat mortgage products

Expat 2.80% 2 Year Discount Rate 75% LTV

About
Fees
Apply
  • VARIABLE RATE currently 5.74% with a discount of 2.94% until 2 years from completion date, then reverting to 4.00% for 36 months then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 4.6% APRC
  • For remortgage up to 75% LTV

67155

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£800 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from date of completion
  • Overpayment of 50% or above - early repayment charge is 1% of the overpayment
  • Redemption - early repayment charge is 1% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Expat 3.10% 2 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FIXED RATE of 3.10% until 30/06/2022, reverting to 4.00% for 36 months then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 4.8% APRC
  • For remortgage up to 75% LTV

72305

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£800 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 30/06/2022
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

 

 

 

 

Expat 3.34% 5 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FIXED RATE of 3.34% until 5 years from completion then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 4.9% APRC
  • For remortgage up to 75% LTV
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire
  • To establish if you/your network is a selected partner, please contact our Business Development Team on 0330 123 1073

72285

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£800 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 5 years from completion date
  • Overpayment of 50% or above - early repayment charge is 5% of the overpayment
  • Redemption - early repayment charge is 5% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate of 3.34% until 31/12/2024 and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 63 monthly payments of £934.15, followed by 237 monthly payments of £1,143.77. The total amount payable would be £330,398.94 made up of the loan amount plus interest (£140,089.94), an application fee of £199, a completion fee of £800, a valuation fee of £180, a mortgage discharge fee of £95 and a mortgage funds release fee of £35.

The overall cost for comparison is 4.9% APRC representative.

[This representative example is based on assumptions that the loan would start from 25 September 2019]

 

 

 

 

Expat Buy to Let 3.00% 2 Year Discount Rate 75% LTV

About
Fees
Apply
  • VARIABLE RATE currently 5.74% with a discount of 2.74% until 2 years from completion date then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • For remortgage up to 75% LTV

STD - 24059 TSL - 24061

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£999 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 2 years from date of completion
  • Overpayment of 50% or above - early repayment charge is 1% of the overpayment
  • Redemption - early repayment charge is 1% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

 

 

Expat Buy to Let 3.35% 2 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FXED RATE of 3.35% until 30/06/2022 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.5% APRC
  • For remortgage up to 75% LTV

29224

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£999 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 30/06/2022
  • Overpayment of 50% or above - early repayment charge is 3% of the overpayment
  • Redemption - early repayment charge is 3% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

 

 

 

 

Expat Buy to Let 3.50% 5 Year Fixed Rate 75% LTV

About
Fees
Apply
  • FXED RATE of 3.50% for 5 years from completion then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.0% APRC
  • For remortgage up to 75% LTV

29186

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£999 £199 Based on property valuation - £35 £750k
  • No charge for overpayments of up to 50% of original loan amount
  • Early repayment charge period ends 5 years from completion
  • Overpayment of 50% or above - early repayment charge is 5% of the overpayment
  • Redemption - early repayment charge is 5% of the original loan amount

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

 

 

 

 


Representative example

EXPAT RESIDENTIAL

FIXED: A mortgage of £228,600.00 payable over 20 years initially on a fixed rate until 30/06/2022 at 3.10%, then on our Standard Variable Rate currently at 5.74% with a discount of 1.74%, giving a pay rate of 4% until 30/09/2025, then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term. This would require 27 monthly payments of £1,283.96, followed by 39 monthly payments of £1,379.26, followed by 174 monthly payments of £1,542.92. The total amount payable would be £357,310.52 made up of the loan amount plus interest (£127,381.52), an application fee of £199, a completion fee of £800, a valuation fee of £200, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.8% APRC representative.

DISCOUNT: A mortgage of £150,000.00 payable over 15 years on our Standard Variable Rate currently at 5.74% with a discount of 2.94%, giving a current rate payable of 2.80% for 24 months, then on our Standard Variable Rate currently at 5.74% with a discount of 1.74%, giving a rate payable of 4.00% for 36 months, follwed by our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term. This would require 24 monthly payments of £1,027.19, followed by 36 payments of £1,104.50, followed by 120 payments of £1,196.92. The total amount payable would be £208,498.96 made up of the loan amount plus interest (£57,209.96), an application fee of £199, a completion fee of £800, a valuation fee of £160, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 4.6% APRC representative.

EXPAT BUY TO LET

FIXED: A mortgage of £183,000.00 payable over 25 years initially on a fixed rate of 3.35% until 30/06/2022 and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £906.58, followed by 273 monthly payments of £1,136.45. The total amount payable would be £335,202.51 made up of the loan amount plus interest (£150,694.51), an application fee of £199, a completion fee of £999, a valuation fee of £180, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.5% APRC representative.

DISCOUNT: A mortgage of £305,000.00 payable over 25 years initially on our Standard Variable Rate currently at 5.74% with a discount of 2.74% for 24 months, giving a current rate payable of 3.00%, then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £1,451.25, followed by 276 monthly payments of £1,888.84. The total amount payable would be £556,713.84 made up of the loan amount plus interest (£250,115.84), an application fee of £199, a completion fee of £999, a valuation fee of £270, a mortgage discharge fee of £95 and a mortgage funds release fee of £35. The overall cost for comparison is 5.4% APRC representative.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Additional information on our expat mortgages

● Available to UK nationals for properties located in England and Wales
● Available for loans up to 80% loan to value
● Maximum loan size £750,000, minimum loan £75,000
● Residential applicants must be paid in Sterling (GBP) or a selected foreign currency - see above for a list of acceptable currencies
● Applicants must be employed by a recognised international employer/large multinational firm
● For Buy to Let, applicants can be paid in foreign currency but any other income used to 'top slice' must be paid in Sterling (GBP)
● Ipswich Building Society will consider self employed applicants subject to acceptable accounts being obtained
● Applications where the deposit has been built up in a foreign currency will be accepted

Your home may be repossessed if you do not keep up repayments on your mortgage.