Tipton unveils ex-pat buy-to-let range

  • 07/02/2019
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Tipton unveils ex-pat buy-to-let range
Tipton & Coseley Building Society has launched a range of buy-to-let products aimed at ex-pat borrowers.


The range, which includes both fixed and discounted rate deals, are available up to 70 per cent loan-to-value. There is a maximum loan size of £500,000.

The products are available to both first-time and experienced landlords, as well as those who are self-employed.

Experienced landlords – classed as those who currently hold or have held at least one buy-to-let property in the last 12 months – will be subject to interest cover ratios of 125 per cent for basic rate taxpayers and 130 per cent for higher rate taxpayers.

This increases to 140 per cent and 145 per cent respectively for first-time landlords, depending on their tax bracket.


Stress tests

Applications will be stress tested at 5.5 per cent or pay rate on the lender’s five-year fixed rate.

Cammy Amaira, director of sales and marketing at the mutual, pointed out there are around 5.5 million ex-pats living overseas, with a growing number looking to start a buy-to-let portfolio in the UK, or add to an existing one.

He added: “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.”

Last month Tipton announced it had achieved its best ever mortgage lending figures in 2018, increasing volumes by 45%.


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