Derbyshire’s expatriate mortgage rate increases

Rates on Derbyshires range of expatriate mortgages have risen by 0.25% and less, following the last rise in UK base rate rise.

Expatriates looking for a buy-to-let mortgage can take advantage of The Derbyshires three year fixed rate of 5.50% until November 30 2009.

For extra flexibility, overpayments of up to 10% a year can be made without incurring early repayment charges.

At the end of the three year term, the interest rate tracks Bank of England base rate at a margin of plus 1% for the remainder of the mortgage.

There is a daily interest calculation for capital repayments, with borrowers receiving the benefit of capital repayments straight away through a reduction in the interest charged.

For expatriates who still have a spouse or family member living in their UK property, then a flexible tracker mortgage is now available at 4.99% for two years.

This low-cost tracker mortgage has no early repayment charges borrowers can make overpayments with the potential to make underpayments and take payment holidays up to the amount overpaid.

Fiona Passey, director of offshore banking at The Derbyshire, says: As with the savings accounts available from Derbyshire Offshore, we are committed to maintaining competitive rates on our complete range of expatriate products.

The attractive rates available on our mortgage products make them excellent value for those looking to buy in the UK.

The Derbyshire range of mortgages has been specially developed for expatriates holding a current British passport and in the case of joint borrowers, where the second applicant holds a current EU member state passport.

The application fee for both of these loans is 595 and products are fully portable.