Vida Homeloans has launched a new expat buy-to-let mortgage range aimed at existing UK property owners living overseas who wish to invest in the UK’s private rented sector, with borrowing rates start from 3.89% for a two-year tracker and 3.99% for a two-year fixed rate deal.
According to the lending criteria for the new mortgage range, which has been designed in partnership with buy-to-let brokers and networks working in this specialist sector, expats can borrow up to £1m at a maximum loan-to-value of 75%, with no minimum income requirement or employment restrictions, which means that pensioners can also apply for a loan.
Louisa Sedgwick, director of mortgage sales at Vida Homeloans, said: “We listen to our distribution partners and our new Vida Expat proposition is the latest evidence of our partnership approach to product design. We continue to commit to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs.”
Vida allows capital raising remortgages for any purpose and will lend on HMOs up to eight bedrooms and Multi Unit Blocks (MUBs) up to five units. Applicants can reside in any country worldwide as long as it is a Financial Action Task Force (FATF) member country.
“We’ve been impressed by Vida’s responsiveness to market demand and this latest product launch certainly gives them some of the most flexible criteria in the expat sector right now,” said Stuart Marshall, managing director of Liquid Expat Mortgages.