The new product is available on both purchase and remortgage cases for expat landlords
Suffolk Building Society has announced the launch of a new five-year fixed expat buy-to-let product for properties with an energy performance certificate (EPC) rating of ‘A’ to ‘C’.
The new product, available on both purchase and remortgage cases for expat landlords, has a rate of 6.15% at up to 80% loan-to-value (LTV) with a loan size of £75,000 up to £1 million. There is also an application fee of £199 and a completion fee of £1,499.
The offering of the new product, Suffolk said, is in line with the government’s proposed requirement for all newly rented properties to have an EPC rating of ‘C’ or above by 2025, followed by all existing tenancies by 2028.
The mutual added that it wanted to increase awareness of the need for landlords to comply with the new legislation coming into place.
“Expat landlords are likely to be less aware of the forthcoming changes than landlords who are based in the UK,” Charlotte Grimshaw (pictured), head of intermediary relations at Suffolk Building Society, commented. “We want to support expat landlords who are looking to purchase or remortgage a BTL property with an EPC rating of ‘A’ to ‘C’, ahead of the changes in legislation coming in 2025.
“We’re pleased to be able to offer a five-year fixed product that aligns with and takes future legislation into account.”
Grimshaw stressed that Suffolk would continue to offer other buy-to-let products for expat landlords whose properties are not ‘A’ to ‘C’-rated at present.
“We will also be launching other products in the future, which will help support landlords wanting to improve their BTL EPCs through home improvements,” she said.
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