British nationals living overseas can now have their deposit saved in the country they are living in.
Ipswich Building Society has updated its expat residential mortgage lending criteria to allow applications from British nationals living overseas whose deposit has been saved in their current country of residence.
Previously the entirety of the applicants’ deposit for the purchase had to be held in a UK-based bank account for a minimum of six months.
Foreign currency deposits will be accepted on purchase and remortgage products for both residential and buy-to-let for properties located throughout England and Wales.
Richard Norrington, chief executive officer of Ipswich Building Society, said: “Juggling multiple currencies is a perpetual headache for many expats.
“We hope that by allowing deposits in foreign currencies, we’ll be able to remove one of the complications for British nationals who want or need to retain property in the UK.”
The deposit must be held in an account in the name of either the applicants or a joint account in their names and the applicant must provide evidence in English of the build-up or source of the deposit.
Residential products are available up to 80% LTV and buy-to-let at 75% LTV.
Loans are available from £75,000 to £500,000 with a maximum term of 40 years.
There is no maximum age limit and new build homes will be considered.
Residential applicants must have a minimum income of £40,000or equivalent.
Employed, self-employed, pension and investment income will be taken into account when assessing affordability.
Norrington added: “We absolutely understand that investing in UK property is not only desirable for many expats but in some cases it is a necessity to provide a base forfamily.
“Our manual underwriting process enables us to take a common-sense approach to lending to this group, as we know that their finances are often more complex than that of a standard UK applicant.”
