Mansfield Building Society is hoping to tap in to demand from British expats seeking to invest in the UK buy-to-let market by launching a new expat BTL mortgage.
Property lending for British expatriates remains an area that is rather underserviced, which partly explains why Mansfield Building Society has decided to launch the new mortgage, initially available through selected brokers including deVere Mortgages, John Charcol, Coreco, Large Mortgage Loans and Alexander Hall.
The two-year discounted variable product has a current rate of 2.79% and is available up to 70% loan-to-value (LTV) with a £199 application fee and 1.25% completion fee.
The interest coverage ratio is 125% at 5.5%, the maximum loan size is £500,000 and new build homes will be considered.
The expat mortgage on offer should help The Mansfield build on its success as a buy-to-let mortgage provider and make it far simpler for expatriates to make long-term property investments in this country.
David Newby, mortgage executive at The Mansfield, commented: “With a much greater emphasis already placed on assessing the financial stability of buy-to-let landlords, we have been able to leverage our existing underwriting expertise and expand our already extensive proposition seamlessly.
“We’ve worked with our broker partners to establish our proposition and are delighted to be offering them more choice to help them find solutions in an increasingly complex mortgage market.”