Penrith Building Society launches residential fixed rates for expat borrowers
Penrith Building Society have expanded our expatriate proposition with the launch of a new range of residential fixed-rate mortgages for UK nationals living overseas to run alongside the current discounted rates offered across residential, buy to let and holiday let.
The products are designed to support British passport holders who can demonstrate a clear and ongoing connection to the UK, including those working abroad but earning income in sterling.
The new range includes a two-year fixed rate at 5.58% and a five-year fixed rate at 5.58%, both available up to 80% LTV.
Acceptable cases include residential lending for borrowers working overseas, provided income is earned in GBP or meets foreign currency criteria. Applicants must hold a UK bank account and will be credit scored at their last UK address.
However, we will not lend to expats residing in, or using deposit funds from, FATF black- or grey-listed countries, and those based in the Netherlands or Italy.
Additional Requirements
Expat applicants must hold a UK bank account.
Credit search must be completed at the applicant’s last UK address.
Maximum LTV: 80% for residential, 75% for BTL and HL.
Minimum income £30,000 GBP
The launch forms part of Penrith’s wider approach to specialist lending, offering brokers greater clarity and consistency when supporting expat residential clients.