"Many UK nationals are now working or living overseas and, whatever impact Brexit may have, there will continue to be demand from expats for UK investment property."
The two-year discounted rate product is available at 3.69% up to 70% LTV with no completion fee.
The new product is in addition to The Mansfield’s two-year discounted expat buy-to-let product, which has a current rate of 2.95% with a 1.25% completion fee.
Both products come with a £199 application fee on loans between £100,000 and £500,000. Rental income must meet The Mansfield’s standard ICR of 125% at 5% or 2% above pay rate, whichever is higher.
Prospective borrowers must have a minimum income of £40,000 (or equivalent) and be both a current UK national and a previous UK owner-occupier, residing in a Financial Action Taskforce member country for less than five years. Residents of both Australia and China are currently ineligible, however member states of the Gulf Corporation Council, and Hong Kong residents are acceptable.
Paul Lewis, national development manager at The Mansfield, said: “Many UK nationals are now working or living overseas and, whatever impact Brexit may have, there will continue to be demand from expats for UK investment property.
“Our latest expat buy-to-let product should certainly interest expats and their advisers, given that it comes with a number of attractive features, most notably the absence of a completion fee.
“We believe that by offering more choice and a commitment to look at all cases individually we have a compelling expat purchase and remortgage proposition that adds further weight to our overall buy-to-let range which covers an increasing number of mainstream and niche sectors.”
