Cambridge Building Society announces BTL expat mortgage range

Cambridge Building Society has introduced a range of buy-to-let expat mortgages available on up to 75 per cent LTV.

The range includes both purchase and remortgage products.

The products comprise a five-year fix at 3.49 per cent and a two-year fix at 2.89 per cent, with the latter having no repayment charge.

For the five-year product, applicants will be assessed using a stress rate of 4.99 per cent, with rental coverage of 140 per cent, which drops to 125 per cent on like for like remortgages.

Early repayment for this product starts at 5 per cent in the first year of the fixed term, declining to 1 per cent by the final year.

Both products have an applicant fee of £499 and a completion fee of £1,500.

According to the building society, the products can be combined with other criteria from the lender’s BTL range, including a maximum loan amount of £750,000.

Cambridge Building Society head of lending Tracy Simpson comments: “This new range of products demonstrates a commitment to this type of borrower and how we continue to invest in our BTL offering.

“Landlords who are based abroad often have a specific set of circumstances and our manual underwriting approach allows these to be taken into consideration.”

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