Tipton & Coseley Building Society has issued a new range of ex-pat buy-to-let products.
Available for new, self-employed and more experienced landlords (defined as one who has or has held a BTL property in the last 12 months), the range features two fixed rate products and two discount products for both purchase and remortgaging.
The three-year discount purchase product has an initial rate of 2.74 per cent with 3.00 per cent discounted and a 1.25 per cent arrangement fee, while the five-year version comes in at 2.94 per cent after having 2.80 per cent discounted. It commands the same arrangement fee.
The three-year fixed rate product is priced at 3.29 per cent and the five-year at 3.49 per cent, and both also come with a 1.25 per cent arrangement fee.
For remortgages, the three-year discount has an initial rate of 2.74 per cent and the five year 2.80 per cent with both the respective discounts found in the purchase range detailed above, a 1.25 per cent arrangement fee for both and free standard legals. The five-year discount also boasts of having no ERCs.
The fixed rate remortgage products start at 3.29 per cent for the three-year option, with the five-year coming in at 3.49 per cent. Free standard valuation and legals accompany the 1.25 per cent arrangement free.
All of the above products are 70 per cent LTV and have a maximum loan size of £500,000.
All prospective landlords must have a UK bank account and earn at least £20,000 a year or its foreign equivalent.
Further details include an ICR calculation for first-time landlords for basic and higher-rate taxpayers at 140 per cent and 145 per cent, stressed at 5.5 per cent or pay rate on the five-year fixed rate deal.
For experienced landlords this drops to 125 per cent and 130 per cent, respectively.
Tipton director Cammy Amaira (pictured) says: “There are an estimated 5.5 million ex-pats living overseas with an increasing number looking to start or add to their BTL portfolio in the UK.
“After consulting with our intermediary network and customers, we have developed a range of buy-to-let products to meet the needs of both first-time and experienced landlords with a competitive set of stress rates”.