Mansfield Building Society has launched a buy-to-let mortgage product exclusively for expat borrowers.
The new product, available with no completion fee, is a two-year discounted rate deal offered at up to 70% loan-to-value (LTV) at 3.69%.
The new deal is available in addition to The Mansfield’s other two-year discounted expat buy-to-let product, which is currently available at 2.95% with a 1.25% completion fee.
Both expat buy-to-let mortgage products come with a £199 application fee on loans between £100,000 and £500,000.
Rental income must meet The Mansfield’s standard interest coverage ratio of 125% at 5% or 2% above pay rate, whichever is higher.
Paul Lewis, national development manager at The Mansfield, said: “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 buy-to-let 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 buy-to-let range which covers an increasing number of mainstream and niche sectors.”
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