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The Mortgage Lender enters expat BTL market – exclusive

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  • 09/05/2019
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The Mortgage Lender enters expat BTL market – exclusive
The Mortgage Lender has launched an expat buy-to-let product range targeting experienced landlords living abroad.

 

The products are available to expats with a minimum £40k employed – £60k self-employed – equivalent income and on a capital and interest, part and part or interest-only basis.

Rates start at 3.95% for a two-year fixed product at 70% loan to value (LTV) and 4.35% for a five-year fixed at 70 per cent LTV.

They are available for both purchase and remortgage applications.

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.

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

The Mortgage Lender deputy chief executive Peter Beaumont (pictured) said: “There has been a 30 per cent rise in the demand for expat BTL mortgages year-on-year and our new range, which is available up to 75 per cent loan to value, meets the increase in demand from expat landlords and gives BTL brokers more choice for their customers.”

In April, TML launched a BTL product range with free standard legal fees and no application, valuation or transfer fees.

There are 141 fixed BTL options on the market from 20 lenders.

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