The Mansfield Building Society has launched an expat buy-to-let mortgage.
It is initially available through selected brokers, including deVere Mortgages, John Charcol, Coreco, Large Mortgage Loans and Alexander Hall.
The expat buy-to-let mortgage is the latest addition to the Mansfield’s buy-to-let range that already includes FCA regulated ‘family’ buy-to-let, consumer buy-to-let, and the ability for applicants to use earned income to make up rental shortfalls (top slicing).
Key product features include:
- Up to 70% LTV
- Two-year discounted variable rate with a current payable rate of 2.79% (2.80% below SVR )
- Interest coverage ratio 125% at 5.5%
- £199 application fee, completion fee 1.25%
- Minimum loan size £100,000
- Maximum loan size £500,000
- New build houses acceptable
- Available for purchase and remortgage on properties across England and Wales
David Newby, mortgage executive at the Mansfield, said: “With a much greater emphasis already placed on assessing the financial stability of buy-to-let landlords, we have been able to leverage our existing underwriting expertise and expand our already extensive proposition seamlessly.
“We’ve worked with our broker partners to establish our proposition and are delighted to be offering them more choice to help them find solutions in an increasingly complex mortgage market.”