Cambridge Building Society has unveiled a new range of expat mortgage products for landlords looking to acquire or remortgage a buy-to-let property in the UK whilst living overseas.
The new buy-to-let products, which are available to those looking to borrow up to 75% loan-to-value (LTV), includes a five-year fixed rate deal at 3.49% and a two-year fixed rate product at 2.89%.
For the five-year product, applicants will be assessed using a stress rate of 4.99%, with rental coverage of 140%, which drops to 125% on like for like remortgages.
Both two- and five-year products have an applicant fee of £499 and a completion fee of £1,500.
The products can be combined with other criteria from the lender’s BTL range, including a maximum loan amount of £750,000.
Tracy Simpson, head of lending at Cambridge Building Society, said: “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.”