Ipswich relaunches five-year expat BTL loan

 Keys, buy to let, landlord, BTL

Ipswich Building Society is relaunching its five-year fixed expat buy-to-let mortgage.

The loan has a 3.99 per cent rate up to 75 per cent LTV and is available up to £500,000. It has a £1,999 completion fee.

Applicants must have an income of at least the equivalent of £40,000.

Borrowers can have up to three buy-to-let homes. Rental income must exceed mortgage payments by a ratio of 145 per cent.

Private Finance director Shaun Church says: “Not all lenders are willing to accept income that isn’t in sterling, while the recent EU directive means those hoping to take out a foreign currency mortgage are now subject to greater affordability scrutiny.

“The relaunched Ipswich Building Society product is no exception in that borrowers must prove their rental income will exceed mortgage payments by 145 per cent.”

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