Mansfield Building Society who have launched a discounted a buy-to-let mortgage product, exclusively for UK expat borrowers.
This in addition to their other expat buy-to-let product, which is currently offered at 2.95 per cent with a 1.25 per cent completion fee. The 2-year is offered to 70 per cent loan-to-value (LTV) at a current rate of 3.69%t (2.06%less than the SVR). Both come with a £199 application fee on loans between £100,000 and £500,000.
However they come with a few requirements:
- Rental income must meet their standard interest coverage ratio of 125 per cent at 5% or 2% above pay rate, whichever is greater.
- Potential expat borrowers must have a minimum income of £40,000and be both a current UK national and a previous UK owner-occupier, residing in a Financial Action Task force member country for less than five years. Including residents of the Gulf Coorporation Council,and Hong Kong residents
Paul Lewis, national development manager at the Mansfield Building Society, goes on to explain the factors that have driven their expansion in this product range.
“Many UK nationals are now working or living overseas and, whatever impact Brexit may have, there will continue to be demand from expat’s for UK investment property.
“Our latest expat buy-to-let product should certainly interest expats and their advisers, given that it comes with a number of attractive features, most notably the absence of a completion fee.”
As regional cities continue to show positive signs of growth and resilience, despite the political uncertainty. There has never been a better time to take advantage of some of the better deals available on the buy to let mortgage market. Especially now with the exchange rates being in favour of overseas currencies.