FOR INTERMEDIARY PARTNER USE ONLY

Ex-pat LendingDUDLEY BUILDING SOCIETY

AUGUST 2018

Contents

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Our Key Points

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• BTL up to 70% LTV

• Residential accepted up to 80% LTV

• Self-employed applicants

• Product review on return to UK (ERC waivered if borrower remains with the society)

• Specific product range

• Lend up to £1m

IntroductionOur range seems to becoming increasingly popular in the Ex-pat market due to our flexible criteria and our ability to underwrite complex cases - especially for those that are self-employed. Some of the elements proving very popular include the wide range of countries we consider (UK citizens currently living abroad) including Australia, UAE and Hong Kong, along with their relevant currencies; lending on a Capital and Interest as well as Interest Only basis. We have no restrictions on employment types and we also provide the option to capital raise against a UK property for home improvements in another country.

Sam Ward Head of Commercial

We are proud to provide mortgages to Ex-pats who face difficulties securing mortgages on properties in the UK.We will provide Ex-pat mortgages based on the following criteria:

• Income (where some or all of the borrower’s income is denominated in a foreign currency, regardless of where their day to day work activities occur)

• Repayment Strategy (where the borrower will repay part or all of a mortgage which is partially or wholly conducted on an Interest Only basis, utilising monies or other assets which are denominated in a foreign currency e.g. the sale of a foreign holiday home)

• The maximum loan to value is 80%• The minimum loan is £25,000• The maximum loan is £1m, however we would

consider more in some circumstances

• Applicants must be UK citizens who are temporarily resident abroad

• For Residential Properties; it must be the customer’s intention to return back to the UK with this property being their main residence

• Lending can only be secured upon property in England and Wales

• Arrangement fee of £1,499

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Criteria overview

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Loan Information

Available Products1.15% Discount for Term Residential – 80% Maximum LTV

1.50% Discount for Term Buy to Let – 70% Maximum LTV

Minimum Loan Size £25k

Maximum Loan Size £1m

Minimum Term 1 Year

Maximum Term 40 Years

Full product details can be found here

Criteria overview

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Applicant InformationNumber of Applicants Maximum number of applicants is 4

Minimum Age 18

Maximum Age No Restriction

Income Sources AcceptedPension, Salary, Annuity, Benefits, BTL Income, Employed & Self Employed Income

Repayment Strategies AcceptedDownsizing, pension, sale of other residential property, cash savings, sale of assets, stocks and shares and endowments

Location Applicants must be UK citizens who are temporarily resident abroad

Additional Information required for Ex-pat borrowers

• If self employed income is being used, a minimum of two years evidence will be required

• The Accounts or Accountants’ Letters must be prepared and signed by a professionally qualified Associate or Fellow of a number of specified bodies

Affordability

Income will be assessed on the following basis:

• The highest exchange rate over the last 5 years will be obtained by reference to an internet-based tool and the sterling equivalent of income will be calculated (exchange rate calculated on the day of assessment)

Product range overview

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Ex-patInitial Rate

Description Term TypeMax LTV

Purchase or Remortgage

Fee Code

3.84%1.15% Discount for Term - Residential

N/A Variable 80%Purchase & Remortgage

£1,499 13095

3.99%1.50% Discount for Term - BTL

N/A Variable 70%Purchase & Remortgage

£1,499 25047

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Click on a photo to reveal more information about that particular case study.

These case studies, based on real examples, highlight the benefits of our enlightened approach to Ex-pat Lending, which typically have a number of common characteristics: Borrower’s names have been changed to protect their identity.

Case studies

Lending to Ex-pats

Contact us

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If you have any queries about our product range, criteria or how to submit a case please call our Business Development Team.

Sam Leasamuel.lea@dudleybuildingsociety.co.uk

07483 058478