Expat mortgages. Difficulty level eight. Completed with a bit of common sense.
Business Development Managers Christy and Duncan are experts in our lending criteria and pride themselves on being able to help our intermediaries find solutions when others can’t. Here they answer your most frequent Expat BTL questions.
I have an Expat who wants to remortgage their former residential property – can The Cambridge help?
Christy: Firstly, I would ask if they have any other BTL properties. If yes, then we’re happy to consider the remortgage. If this is your client’s only rented property and it is a Consumer BTL, we will not be able to help, as we’re unable to offer an Expat BTL mortgage for Consumer BTL’s.
Can I choose any BTL product for an Expat?
Duncan: We have three specific products for an Expat BTL - a 2 Year Discounted Rate at 2.99% (with no early repayment charges), a 3 Year Discounted Rate at 3.09% and a 5 Year Fixed Rate at 3.49%. The 2 Year Discounted Rate and 5 Year Fixed Rate products have a non-refundable £499 application fee and a £1,500 completion fee. The 3 Year Discounted Rate has a completion fee only of £2,000.
Is there a minimum income requirement or country restrictions?
Christy: The minimum income requirement is £25,000, we’ll accept this in a foreign currency which will be based on the current exchange rate. We’ll consider various currencies and countries, other than those listed by the HM Treasury on their Financial Sanctions List.
Does my client need a UK correspondence address?
Duncan: Yes, as a minimum we need all Expats to have a UK bank account and a UK correspondence address. They need to appear on the credit search in the UK and have permanent right to remain in the UK.
When I process the application how do I confirm the correspondence address and their current residential address?
Duncan: You will need to put their current (foreign) residential address in the application when requested and then add the UK correspondence address in the notes. You will get the option to leave notes at the end of the DIP process, just before the case refers to our Underwriters.
How much can my client borrow and what are the stress rates?
Christy: The maximum loan available on our Expat BTL products is £750,000. The 2 Year Discounted mortgage is stressed at 125% at 5.50% for a like for like re-mortgage* and 140% at 5.50% for a purchase or capital raising. The 3 Year Discounted mortgage is stressed at 125% at 5.50% for a like for like re-mortgage and 140% at 5.50% for a purchase or capital raising. The 5 year fixed rate is stressed at 125% at 4.99% for a like for like remortgage and 140% at 4.99% for a purchase or capital raising. Our BTL Rental Income Calculator will do all the working out for you – all you’ll need is the loan amount or the rental amount that is achievable.
*refer to our criteria to ensure your clients loan is eligible for a like-for-like calculation.
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