The two-year expat flexible tracker and the three-year expat fixed rate buy-to-let are both available to UK and EU nationals looking to buy in the UK.
Expatriates looking for a buy-to-let mortgage can access a three-year fixed rate at 5.60 per cent (6.90 per cent APR) until 31 January 2010. For extra flexibility, overpayments of up to 10 per cent 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 +1 per cent 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 the two-year expat flexible tracker mortgage is now available at 5.05 per cent (5.90 per cent APR). This 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, commented: “Property in the UK is still an excellent investment vehicle for most expatriates, especially those looking to build a mixed retirement portfolio. As both these products are available for re-mortgaging purposes, starting 2007 with a new Derbyshire mortgage offer is definitely worth considering.”
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 the three-year expat fixed buy-to-let mortgage is £595 and £495 for the two-year flexible tracker mortgage. Products are fully portable.