OneSavings Bank is to make major changes to its expat mortgage product range through its trading brands Kent Reliance and InterBay Commercial.
These include the introduction of new 2, 3, and 5-year fixed rate options with pricing starting from 3.79% for Kent Reliance and from 4.45% for InterBay Commercial.
Applications for HMOs and limited companies will now be accepted on expat terms and the requirement that the applicant has to be either a professional or purchasing within London and the South East has been removed to simplify the range.
There are now two specific categories for the range, expat standard which includes individuals on standard flats and houses and expat specialist which includes mortgages for limited companies, HMOs, and student lets.
Adrian Moloney, sales director at OneSavings Bank, said, “We know that many expats choose to invest in buy-to-let property in the UK whilst living abroad as a way of generating income.
“This is a relatively underserviced area and one that our brokers have highlighted that they would like to expand into.
“These changes will result in an improved proposition to support their customers’ needs as well as offering customers more competitive pricing.”
Other changes to the range include a minimum income of £50,000 and Kent Reliance will lend to Australian expats when the property is held in a UK Limited Company.