Retirees could also be considered, it said.
Foundation said its loans would be available to individual non-SPV (special purpose vehicle) landlords as well as to limited company borrowers. It would also include standard BTL units, short-term lets, houses in multiple occupation (HMO) and green options.
All are available at up to 75 per cent loan to value (LTV) for new purchases and remortgages with rates that start from 3.24 per cent, the lender said.
The interest coverage ratio (ICR) would be 125 per cent basic-rate taxpayers and limited companies. The ICR is set at 145 per cent for all others.
The lender also said it had simplified the underwriting requirements to ease some of the administrative burden for advisers and their expat clients. For example, Foundation said it now would require just one year of proof of income for expats and had canceled a requirement to speak to the borrower.
In addition, the company said it had expanded the types of identification and proof of residency it would consider to include residency cards, official UK government-issued correspondence and credit card and utility statements from UK firms.
George Gee (pictured), managing director of commercial at Foundation Home Loans, said: “Today we have broadened our expat BTL product range offering, both in terms of the landlord borrowers we will accept, and the specific options available to them.
“Now individual expat landlords can secure finance, as well as limited company borrowers, and we have new products available for those purchasing or remortgaging green, short-term lets and HMO properties.”
The company, he said, had also cut its fee levels and re-examined its criteria and underwriting around expat mortgages seeking to simplify the process for advisors and their customers.
“Investment in UK property remains an attractive option for many expats”, he said, “and this new range and criteria opens up the type of investment they can purchase and refinance, and the means by which they can do this.”
