Mansfield Building Society has added two expat consumer BTL products to its range.
The new products — which are available up to 70% LTV with a maximum loan size of £500,000 — are for individuals who live and work abroad but want to let out their UK residential property while overseas.
Both products come with a free basic valuation and are currently priced at 2.95% with a completion fee of 1.25%, or 3.69% with no completion fee.
They are being offered at a rental coverage ratio of 145% at 5.5% or 2% above the pay rate, whichever is higher, and expat borrowers must live in a Financial Action Task Force member country and have done so for less than five years.
Paul Lewis, national development manager at Mansfield BS (pictured above), said: “[Expat clients] are not ‘accidental landlords’, they’re simply looking to maintain a bolt-hole in the UK whilst taking advantage of strong tenant demand in the meantime.
“The introduction of the new consumer BTL to the society’s existing expat proposition strengthens the offering for overseas clients.”
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