National Counties launches expat mortgage

Ryan Bembridge

July 19, 2016

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National Counties Building Society has launched an interest-only mortgage for UK expatriates.

The mortgage is for UK nationals working abroad and foreign nationals with permanent rights to reside and work in the UK who are paid partly or wholly in a foreign currency.

Products are 3 and 5-year discounts with a pay rate of 2.84% and 3.14% respectively.

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The mortgage isn’t defined as an EU foreign currency loan due to being interest-only, while the repayment strategy must be in sterling.

Keith Barber, director of business development at National Counties Building Society, said: “We constantly seek to improve our product range and we listen to the views of brokers and also our existing borrowers.

“In the post- Brexit referendum hiatus, we are pleased to announce the launch our new mortgage for expats and those working in the UK but paid partly in foreign currency, as there is a clear gap in the market.

“National Counties has for many years offered buy-to-let mortgages for expats and now is the time to roll this product out for owner-occupiers.”

The property must be the borrowers’ main home and be used by them and/or family members.

If they are not living in the property then they must intend to return to it at a future date.

If a borrowers’ circumstances change National Counties will prevent further lending or variation of the mortgage terms, including a product switch.