Mansfield Building Society has introduced two new expat consumer buy-to-let mortgage products for borrowers who want to let out their property in the UK whilst living overseas.
The two products are available to 70% loan-to-value (LTV) with a maximum loan size of £500,000 and are offered at a rental coverage ratio of 145% at 5.5% or 2% above the pay rate.
Both products come with a free basic valuation and are currently priced at 2.95% with a completion fee of 1.25%, or 3.69% with no completion fee.
To access the products expat borrowers must live in a Financial Action Task Force (FATF) member country and have done so for less than five years. Hong Kong and Gulf Corporation Council Member countries are also acceptable.
Paul Lewis, national development manager at The Mansfield, said: “There are a good number of expat clients who, whilst working overseas, want to retain their main residence back in the UK and would prefer to rent it out rather than sell it.
“These are not ‘accidental landlords’ – they are simply looking to maintain a bolt-hole in the UK whilst taking advantage of strong tenant demand in the meantime.
“The introduction of the new consumer buy-to-let to the Society’s existing expat proposition strengthens the offering for overseas clients.
“We now offer a wide range of buy-to-let products including consumer, FCA-regulated family, and business buy-to-let products and we’ll continue to work with advisers to ensure the needs of their landlord borrowers are met.”