The new product was devised following “substantial due diligence” and based on “extensive intermediary feedback,” The Hanley head of marketing and business development David Lownds (pictured) said.
The offer comprises a 3.49 per cent variable discount rate at up to 80 per cent loan to value, with a product fee of £500, application fee of £250, and a loan size from £100,000 to £500,000.
The product is designed around a number of criteria. The lender’s manual underwriting team “will look at each case on its merits and take a flexible approach,” Lownds said.
There is no minimum income requirement, but rent must be received in sterling and achieve an interest cover ratio of 145 per cent “at Hanley’s stressed interest rate” of 5.5 per cent, it said.
Mortgage repayments must be made in sterling from a UK-based account. Applicants will need to evidence their identity and overseas address and hold a UK bank account.
No family or portfolios
The property may not be occupied by the borrowers’ family members and no applications will be accepted from portfolio landlords.
“The ex-pat market is greatly underserved. After substantial due diligence, and on the back of feedback from intermediaries, we have moved to provide additional choice for our intermediary partners,” Lownds said.
“Our manual underwriting team will look at each case, which can be useful for overseas clients who may have shifting borrowing requirements given current political and economic conditions.
“This approach and support will help intermediaries to get to grips with the complexities and intricacies of this area of lending, while providing an additional option for ex-pat clients,” he added.