The mutual said there was a “clear gap” in the market for a product that services those partly paid in foreign currency, as the sector pauses to await the consequences of a UK exit from the European Union.
The owner-occupier expat loan follows National Counties’ existing range of expat deals for buy-to-let customers, with terms available across its variable rate products.
To qualify for the loan, foreign borrowers must have a permanent or indefinite right to live in the UK and be employed. If the borrower is not currently living in the property then they must intend to return to it at a future date. Should the borrower’s circumstances change, no further lending or variation of the mortgage terms will be possible.
The deal is available to UK nationals working abroad and UK or foreign nationals with permanent rights to reside and work in the UK, and are paid partly or wholly in a foreign currency.
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 of 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.”
No repayment option is available on the interest-only mortgage and the planned repayment vehicle must be an acceptable existing sterling denominated UK asset. For expat applications, the completion fee charged will be the standard product fee or large loan fee – whichever is higher – plus 1%. The loan is not an EU MCD foreign currency mortgage.