Marsden Building Society has launched a new five-year fixed expat buy-to-let product for landlords looking to buy or remortgage a buy-to-let property in the UK whilst living overseas.
The five-year expat buy-to-let product, which is available at a rate of 4.24%, has been launched in response to greater demand in the market, according to Steve Robinson, head of lending at the Marsden.
He said: “We’ve done a full refresh of our mortgage range and reviewed where our lending solutions support intermediaries best.
“As part of this, we’ve introduced a five-year fixed expat buy-to-let product to meet a growing demand in this market.”
Marsden Building Society has also added new products across older borrower, retirement interest-only and residential ranges.
There’s also a combination of changes to term end dates.
Robinson added: “Following feedback from brokers looking for an alternative to bridging, we’ve introduced a product with a maximum of 2-year product term on interest only and has no early repayment charges which is available up to 60% LTV.
“We were finding many intermediaries looking for options for their clients who are in the process of buying and potentially need a short-term mortgage. This is a new initiative that we’re trialing in the market and welcome feedback from brokers and their clients.”