Saffron Building Society says it has extended the terms and reduced the rates and fees on its expat mortgages “in response to feedback from intermediaries”.

The lender said that its latest offering gave brokers the opportunity to provide “new options” to landlords looking to purchase or re-mortgage a buy to let property in the UK whilst living abroad.

The changes will see the following mortgage products become available: a 3.17% rate fixed until 31 March 2025 at 55% LTV; a 3.47% rate fixed until 30 March 2025 at 75% LTV; a 2.74% (SVR-2.9%) discount for two years at 55% LTV; and a 2.94% (SVR-2.7%) discount for two years at 75% LTV.

Saffron is also reducing its fees, with fixed rate charges dropping from 2.5% to 1%, and discounted rate fees reduced from 2.5% to a fixed fee of £1,299.

The lender estimated that the UK expat population rose to over five million last year, offering “good prospects” for the market. The building society considers mortgage applications from expats that are first-time buyers, as well as expats that are residing in any location around the world, including popular destinations such as Australia, New Zealand and the USA.

Saffron Building Society’s head of mortgage sales, Anita Arch, commented: “As a specialist mortgage provider we are delighted to bring this range of improved expat buy to let mortgages to the broker market, which is what our intermediaries have been asking for. Investment opportunities for those living abroad can be limited, so this latest option for landlords opens more doors to maximise income.”

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