The Mortgage Lender is targeting experienced landlords living abroad with its first expat buy-to-let products.
The products are available to expats with a minimum income of £40,000 for employed and £60,000 for self-employed. Products are on a capital and interest, part and part or interest-only basis.
Peter Beaumont (pictured), deputy chief executive of The Mortgage Lender, said: “There has been a 30% rise in the demand for expat buy-to-let mortgages year-on-year and our new range, which is available up to 75% loan-to-value, meets the increase in demand from expat landlords and gives buy-to-let brokers more choice for their customers.”
Available for both purchase and remortgage applications, initial rates start at 3.95% for a 2-year fixed rate at 70% loan to value and 4.35% for a 5-year fixed rate at 70% loan-to-value.
To qualify applicants must be able to pay the mortgage from a UK bank account and have an agent or family in the UK who can oversee the property.
The expat buy-to-let products are available to the whole of the market, have a £150 application fee, a 2% completion fee and a maximum loan of £750,000.
The Mortgage Lender is an intermediary-only mortgage lender. In 2019 it launched Help to Buy residential mortgages, its first buy-to-let fees assisted remortgage product and completed its first UK mortgage-backed securitisation of residential assets for a total notes issuance of £238.5m.