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Hanley Economic BS launches first expat BTL product

Hanley Economic Building Society has launched its first-ever expat buy-to-let mortgage product after entering the market.

The product is available at up to 80% loan-to-value (LTV) with an indefinite variable discount of 1.95% giving an initial rate of 3.49%. 

It has an application fee of £250, a product fee of £500 and a loan size of £500,000.

David Lownds,  head of marketing and business development at Hanley Economic Building Society, said: “We recognise that the ex-pat marketplace is currently underserved by the wider lending community and, after undertaking substantial due diligence and extensive intermediary feedback, have moved into this area to help provide additional choice for our intermediary partners and their expat clients.

“Our manual underwriting team will look at each case on its own merit and incorporate a flexible approach which can be useful for overseas clients and their shifting borrowing requirements in the current political and economic climate.

“This approach and support will also help intermediary partners to get to grips with the complexity and intricacies attached to this area of lending and expand their BTL offering accordingly.”

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