Lender launches BTL products for expats

Lender launches BTL products for expats

The Mortgage Lender has launched a range of expat buy-to-let products targeting landlords living abroad. 

The products are available to expats with a minimum of £40,000 employed equivalent income (£60,000 self-employed) and on a capital and interest, or interest-only basis. 

Initial rates on both purchase and remortgage applications start at 3.95 per cent for a two–year fixed rate at 70 per cent loan to value. 

The five-year fixed rate product, also at 70 per cent loan to value, starts at 4.35 per cent. 

The products are available to the whole of market and have a £150 application fee, a 2 per cent completion fee and a maximum loan limit of £750,000. 

To qualify applicants must be able to pay the mortgage from a UK bank account and have an agent or family in the UK who can oversee the property. 

Peter Beaumont, deputy chief executive at The Mortgage Lender, said: "There has been a 30 per cent rise in the demand for expat BTL mortgages year on year and our new range meets the increase in demand from expat landlords and gives BTL brokers more choice for their customers."

Greg Cunnington, director of lender relationships and new homes at Alexander Hall, said: "We have seen several lenders move into the expat market in the last 12 months, and it is great to see The Mortgage Lender join this sector. 

"There is a notable uplift this year in expat enquires, with many sighting taking advantage of the weakness of the pound."

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