Mansfield Building Society has announced that it has launched a new buy-to-let mortgage product with no completion fee, exclusively for expat borrowers.
The two-year discounted rate product is offered to 70% LTV at a current rate of 3.69% (2.06% below SVR). The new product is in addition to The Mansfield’s other two-year discounted Expat buy-to-let product, which is a currently at 2.95% with a 1.25% completion fee.
Both Expat buy-to-let mortgage products come with a £199 application fee on loans between £100k and £500k. Rental income must meet The Mansfield’s standard Interest Coverage Ratio of 125% at 5% or 2% above pay rate, whichever is higher.
Prospective borrowers must have a minimum income of £40k (or equivalent) and be both a current UK national and a previous UK owner-occupier, residing in a Financial Action Taskforce (FATF) member country for less than five years. Residents of both Australia and China are currently ineligible, however member states of the Gulf Corporation Council, and Hong Kong residents are acceptable.
The Society’s new Expat buy-to-let product is part of its wider specialist buy-to-let proposition which includes Business, Holiday, Consumer and Regulated ‘Family’ buy-to-let products.
Paul Lewis, National Development Manager at The Mansfield, said: “Many UK nationals are now working or living overseas and, whatever impact Brexit may have, there will continue to be demand from expat’s for UK investment property. Our latest Expat buy-to-let product should certainly interest expat’s and their advisers, given that it comes with a number of attractive features, most notably the absence of a completion fee.
We believe that by offering more choice and a commitment to look at all cases individually we have a compelling expat purchase and remortgage proposition that adds further weight to our overall buy-to-let range which covers an increasing number of mainstream and niche sectors.”