A unique mortgage arrangement for retired expats looking to buy a property in the UK has just been launched.
Part of the Skipton Building Society, Skipton International has announced the new deal, which is aimed at retired British people living abroad with a pensionable income of £40,000 or more. If the pension is paid in a non-sterling format, it needs to exceed £50,000 per annum.
However, certain conditions apply, such as a maximum age of 70 years at the time that the application is placed, with the mortgage having to be repaid before the borrowers 85th birthday. Rates include a fixed arrangement at 5.24% or discounted at 3.99%, both for five years with fees of £999.
Speaking to the Telegraph, Guy Stephenson from expat brokerage firm Offshoreline.org said that other lenders do offer similar mortgages, but usually after an assessment on an individual case basis. He added:
“There are several other lenders who will allow a borrower to repay at the age of 70 and beyond. There is flexibility in the market – it will often also come down to the quality of income a retiree can display.”
Stephenson went on to say that the mortgage market for expats had changed, meaning there was a greater range of deals for offshore pensioners who were looking to buy property in the UK.
Luckily for expats who require more information, a qualified mortgage adviser who has passed the required CeMAP training will have been trained to handle such customer scenarios. They will work within the regulations set by the Financial Conduct Authority, as well as the processes and procedures of their employer.