Ipswich updates expat criteria

Ipswich Building Society has updated its expat mortgage offering to include applications from British nationals living overseas who are paid in foreign currency.

This criteria change applies to the lender’s 80 per cent LTV two-year fix at 3.10 per cent, the 80 per cent LTV two-year discount with an initial rate of 2.80 per cent, and the 80 per cent LTV five-year fix at 3.34 per cent.

The products are for residential or remortgage, have an application fee of £199, a completion fee of £800, and a CHAPS fee of £35.

Loans are available between £75,000 and £500,000, with a maximum term of 40 years.

Ipswich Building Society chief executive Richard Norrington says: “Moving overseas can be an exciting adventure, whether it is a lifestyle choice or through career progression.

“Whilst we recognise that relocating can often be a long-term arrangement, we also know that many expats wish to retain a tangible link to home and investing in a UK property can help satisfy this wish and also provide a base for their family.

“We are delighted to be able to extend our expat offering to now include residential deals for those paid in a foreign currency, in order to create wider choices for those currently living abroad.

“We are aware that as many as a quarter of ‘Brits’ living overseas are retirees, and therefore it is important to us to recognise pensions and investment incomes within the affordability assessment process for these products too.”

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