The Tipton launches Ex-Pat Buy-to-Let product range
Tipton & Coseley Building Society has launched a range of Ex-Pat buy-to-let products for intermediaries and direct customers.
The Tipton is offering two fixed and two discount products for purchase and re-mortgaging, with a maximum loan size of £500,000 up to 70% LTV.
The mortgages are available to first-time, self-employed and experienced landlords.
Landlords must hold a UK bank account and have a minimum income of £20,000 per annum or the equivalent in foreign currency income.
The Interest Cover Ratio (ICR) calculation for experienced landlords for basic and higher rate taxpayers has been set at 125% and 130% respectively stressed at 5.5% or pay rate on our 5 year fixed rate.
An experienced landlord is defined as someone who currently holds, or has held at least one buy-to-let property within the last 12 months.
The ICR for first-time landlords for basic and higher rate taxpayers has been set at 140% and 145% respectively stressed at 5.5% or pay rate on our 5 year fixed rate.
In 2018, Tipton reduced the ICR calculation across its standard buy-to-let product portfolio for experienced landlords and reduced its minimum application age from 25 to 21.
Commenting on the launch of Tipton’s Ex-Pat buy-to-let products, Cammy Amaira, Director of Sales & Marketing said:
“There are an estimated 5.5 million ex-pats* living overseas with an increasing number looking to start or add to their buy-to-let 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”.