Mansfield Building Society has released a new buy-to-let product for UK expats.
The new mortgage comes as a 70 per cent LTV two-year discount at 2.06 per cent below the lender’s SVR, providing an initial rate of 3.69 per cent. It commands a £199 application fee.
Rental income must meet the standard ICR of 125 per cent at 5 per cent or 2 per cent above pay rate, and borrowers must have an income of £40,000 a year and be a UK national and former UK property owner-occupier.
Mansfield national development manager Paul Lewis (pictured) says: “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 BTL product should certainly interest expat’s and their advisers, given that it comes with a number of attractive features, most notably the absence of a completion fee.
“We believe that by offering more choice and a commitment to look at all cases individually we have a compelling expat purchase and remortgage proposition that adds further weight to our overall BTL range which covers an increasing number of mainstream and niche sectors.”