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The Mansfield launches new expat buy-to-let product

by Kevin Rose
12 February 2019
0
The Mansfield increases BTL loan size and portfolio limits
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The Mansfield Building Society 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.”

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LOANS
  • RETIREMENT
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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