"We expect this to be a popular option for those investors who are realising the investment opportunities currently presenting themselves across the UK housing market."
The product was initially launched in January 2020 but was subsequently pulled in April as a result of the Covid-19 crisis. It has an application fee of £299 and a product fee of £500. The minimum loan size is £30,000, 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 applicants must not have more than three buy-to-let properties in total (including unencumbered properties).
David Lownds, head of marketing and business development at Hanley Economic, commented: “We’re pleased to be back in the expat buy-to-let marketplace with what remains a highly competitive product offering. Due to the fact that we can accept applications from 35 countries, we expect this to be a popular option for those investors who are realising the investment opportunities currently presenting themselves across the UK housing market.
“Although there remains a lot of uncertainty in the world, we expect the expat buy-to-let market to remain active as we navigate our way through the Brexit period and we hope this reintroduction will help provide some much needed choice in this product area for our intermediary partners and their expat clients.”
