The Bath Building Society has launched a buy-to-let mortgage product for expats.
It is available up to 65% LTV and the overall cost for comparison is 5.2% APRC. Is is discounted for three years and comes with a 1% product fee.
The minimum and maximum loan amounts are £100,000 and £500,000 respectively.
The rental income must be received in sterling and sufficient to achieve an Interest Cover Ratio of 145% at the Bath’s stressed interest rate. The mortgage must be interest only.
Repayment of the mortgage needs to come from the sale of the property. The property is not to be occupied by the borrower’s family. The mortgage payments are to be made from a UK bank account in sterling. Minimum income, not including rental income from the property, of £30,000 Net Sustainable Income (after deductions of personal debts including residential mortgage).
All applicants must be able to provide satisfactory evidence of identity, overseas address and proof of income and hold a UK bank account. Applicants must have an existing UK mortgage.
Applications from portfolio landlords may be considered.