Mansfield BS introduces expat consumer BTL products

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  • 28/05/2019
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Mansfield BS introduces expat consumer BTL products
Mansfield Building Society has launched two expat consumer buy-to-let products for individuals living and working abroad who want to let out their UK residential property while overseas.

 

Both products are available up to 70% loan to value (LTV) with a maximum loan size of £500,000.

They are offered at a rental coverage ratio of 145 per cent at 5.5 per cent or 2 per cent above the pay rate, whichever is higher.

The two-year discounted variable rate products both come with a free basic valuation and are currently priced at 2.95 per cent with a completion fee of 1.25 per cent, or 3.69 per cent with no completion fee.

Expat borrowers must live in a Financial Action Task Force (FATF) member country and have done so for less than five years. Hong Kong and Gulf Corporation Council Member countries are also acceptable.

The society individually underwrites all mortgages on a case-by-case basis.

Paul Lewis, national development manager at The Mansfield (pictured), said there was a good number of expat clients who wanted to retain their main residence back in the UK and would prefer to rent it out rather than sell it.

“These are not ‘accidental landlords’ – they are simply looking to maintain a bolt-hole in the UK while taking advantage of strong tenant demand in the meantime.

“The introduction of the consumer BTL to the society’s existing expat proposition strengthens the offering for overseas clients.

“We would urge any advisers active in this sector, or those seeking to grow their buy-to-let advice proposition, to contact us to see how we can support them.”

 

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