The Derbyshire Offers UK Mortgages For Expats

by Carla Johnson, Investors Offshore, London

22 February 2007

The Derbyshire says it has maintained its competitive position in the offshore mortgage market by introducing two new mortgage offers for UK and EU nationals looking to buy in the UK. Plus for those customers with mortgages already in place, the new Derbyshire ‘3 Year’ Expat Fixed Rate Buy to Let and ‘2 Year’ Expat Flexible Tracker are also available for re-mortgaging purposes.

Expatriates looking for a Buy to Let mortgage can take advantage of The Derbyshire’s new ‘three year’ fixed rate of 5.90% (7.20% APR) until 31 March 2010. For extra flexibility, overpayments of up to 10% a year can be made without incurring early repayment charges. There is a daily interest calculation for capital repayments, with borrowers receiving the benefit of capital repayments straight away through a reduction in the interest charged.

For expatriates who still have a spouse or family member living in their UK property, the new ‘2 year’ Expat Flexible Tracker for residential property is available at 5.30% (6.20% APR) until 31 March 2009. This variable low-cost tracker mortgage has no early repayment charges – borrowers can make overpayments with the potential to make underpayments and take payment holidays up to the amount overpaid.

Fiona Passey, Director of Offshore Banking at The Derbyshire comments, “With many commentators predicting a further UK base rate rise in the spring, it makes excellent investment sense to capitalise now on these Derbyshire mortgage offers. They offer an ideal opportunity to lock into competitive long term interest rates and so avoid any higher future interest rate costs.”

The Derbyshire range of mortgages has been specially developed for expatriates holding a current British passport and in the case of joint borrowers, where the second applicant holds a current EU member state passport.

The application fee for the ‘3 Year’ Expat Fixed Buy to Let mortgage is GBP595 and GBP495 for the ‘2 Year’ Expat Flexible Tracker mortgage. Products are fully portable.

Derbyshire Offshore is at a trading name of The Derbyshire (Isle of Man) limited a wholly owned subsidiary of Derbyshire Building Society. Derbyshire Offshore is regulated by the Financial Services Commission on the Isle of Man and is licensed for banking business. In addition to the Isle of Man Depositor Protection Scheme (prescribed in the Banking Business Compensation of Depositors Regulations 1991), Derbyshire Building Society has given an irrevocable and binding undertaking to ensure that, whilst Derbyshire Offshore remains its subsidiary, it will at all times be able to discharge its obligations as they fall due. Their products are primarily designed for non-UK residents who wish to benefit from interest on their offshore investment without deduction of tax.

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