"This approach and support will also help intermediary partners to get to grips with the complexity and intricacies attached to this area of lending"
Hanley Economic Building Society has launched its first expat buy-to-let mortgage product.
The product is a 3.49% variable discount at a maximum 80% LTV with a £250 application fee and £500 product fee. The minimum loan size for the product is £100,000 with a maximum loan size of £500,000.
Rental income must be received in sterling and achieve an ICR 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 and business development, commented: “We recognise that the expat 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.”