The Buckinghamshire Building Society has reintroduced its expat buy-to-let mortgage, which is available for individual landlords (including first-time landlords) or limited companies.
The two-year discount mortgage is available at 3.99%, up to 70% loan to value.
Latest figures from the Office for National Statistics state that almost four million British people live abroad, with almost 800,000 in Europe alone. According to the latest data released for July by provider Twenty7Tec, there has been a surge in demand for buy-to-let property, with significantly more tenants seeking homes to rent.
Tim Vigeon, the society’s head of lending, said: “Our expat product is up to 70% LTV and available to those who are residing abroad, either renting or as homeowners. We have no maximum age at entry or exit, which is something that is unique in the market.
“We have had a number of enquiries regarding this type of lending in the past, with people looking to rent out a UK property as part of their long-term financial planning. We have a list of accepted countries and the borrower must be either living or working in one of these.
“Customers will of course be subject to our usual affordability criteria, and as long as they have a UK bank account from which to pay the mortgage and receive the rent, we believe this will prove, once again, a popular addition to our buy-to-let offering.”