Mortgage distributor 3mc has introduced a buy-to-let mortgage deal funded by Aldermore Bank designed for use by British expats.
The new product is available to private individual British citizens residing in a FATF (Financial Action Task Force) member country or confederation, with some exclusions applying and can be used on individual residential investment units, HMOs and multi-units on one freehold title.
The mortgage can be used for purchase or remortgage and is available up to 75 per cent LTV with rates from 4.18 per cent and no personal income requirements apply, except for first-time landlords.
The deal is available to all intermediaries and through 3mc’s network partners The Right Mortgage and Protection Network, Sesame, Stonebridge Network, Home Loan Partnership and to directly authorised members of the PMS Mortgage Club, has the following features.
A procuration fee of 0.75 per cent applies.
3mc director Doug Hall says: “Investing in UK rental property continues to hold considerable appeal for British expats living abroad and this exclusive deal has been designed to cater for their needs. Individual expats can purchase a wide range of rental properties including HMOs and multi-units on a single title, with a choice of fixed and variable rate deals starting from just 4.18 per cent. ”