Capricorn Financial Consultancy, which provides mortgage and property finance to high net worth clients in the UK and internationally, has announced exclusive access to a new one-year fixed special non-resident buy-to-let mortgage product.
The product, which is designed to aid eligible international buyers to invest in properties in England and Wales, offers a fixed rate of 3.99% for one year and is available at 70% LTV or lower.
Following the one-year fixed period, the special product will revert to the base rate set by the Bank of England plus 3.99%, with buyers repaying both capital and interest over a standard 35-year period.
Shorter loan terms may be subject to a Full Affordability Assessment. An interest-only product is also available with a +0.75% rate loading.
The product is available for the purchase of non-resident properties in England and Wales. Security must be let, or to be let, and applicants and/or their families cannot reside at the property. The product is available to borrowers from China, the Middle East, Turkey, Malaysia, Thailand and selected others, offering a compelling alternative to standard rates in these markets which currently stand in excess of 8.5%.
Capricorn says is also working with a number of larger property developers to determine which units will be eligible for the exclusive product.
Conor Murphy, CEO and founder of Capricorn Financial Consultancy, said: “International buyers continue to look to UK housing stock as an attractive asset class, with London the valuable centre point. Stabilising house price inflation and a favourable exchange rate are continuing to boost interest in UK property, and today’s announcement is another important step in our mission to help more overseas buyers to invest in these valuable assets.”