Mortgage News
The Cambridge BS returns to expat mortgage market
The Cambridge Building Society has resumed lending to expatriate borrowers in the buy-to-let market with the launch of two products.
This includes a two-year discounted mortgage with a rate of 4.89 per cent and a five-year fixed product with a rate of 6.09 per cent.
The two-year product has no early repayment charge (ERC) and is available up to 75 per cent loan to value (LTV). A minimum income of £25,000 is permitted and there is a £999 completion fee.
The five-year fix is also available up to 75 per cent LTV.
Applicants must have a UK bank account and a UK correspondence address to qualify for a mortgage.
All unsanctioned countries and currencies will be considered, at the society’s underwriters’ discretion.
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All products have a minimum loan size of £75,000 with a maximum of £750,000.
Kathy Bowes (pictured), intermediary manager at The Cambridge, said: “We are delighted to introduce these products into the expat mortgage market.
“There are few lenders offering mortgages to this group, so we want to ensure we are here to help and to make products available to a broad range of customers.”
Last week, Mortgage Solutions reported that The Cambridge had widened its interest-only range by adding a two-year interest-only discounted mortgage and five-year fixed rate to its range.