Hanley Economic Building Society has introduced a new ex-pat offering into its buy-to-let mortgage range.
The Society’s first venture into this growing part of the BTL market comprises of a 3.49% Variable Discount product at a maximum 80% LTV. It has an application fee of £250 and a product fee of £500. The minimum loan size for the ex-pat product is £100,000, with a maximum loan size of £500,000.
In terms of specific criteria, rental income must be received in sterling and achieve an Interest Cover Ratio of 145% at Hanley’s stressed interest rate. Mortgage payments must be made in sterling from a UK bank account and all applicants must be able to provide satisfactory evidence of their identity, overseas address and UK bank account. The property cannot be occupied by the borrowers’ family and no applications will be accepted from portfolio landlords.
David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented: “We recognise that the ex-pat marketplace is currently underserved by the wider lending community and, after undertaking substantial due diligence and extensive intermediary feedback, have moved into this area to help provide additional choice for our intermediary partners and their expat clients.
“Our manual underwriting team will look at each case on its own merit and incorporate a flexible approach which can be useful for overseas clients and their shifting borrowing requirements in the current political and economic climate. This approach and support will also help intermediary partners to get to grips with the complexity and intricacies attached to this area of lending and expand their BTL offering accordingly.”