Rooftop extends LTV for expat BTL deal

Ramesh Sharma

April 15, 2006

The lender claimed this is the highest loan-to-value (LTV) limit within the mortgage market and is available to landlords with no upper limit on the number of properties up to £3m.

Alison Beech, sales and marketing director at Rooftop, said: “Our sales team is in constant discussion with our distribution partners and the feedback is that there is strong demand for this type of product. Our response has been to extend our hugely popular buy-to-let to expats who may have had minor credit problems in the past and assess them against definite adverse criteria.”

Rooftop’s buy-to-let expat mortgages are available as either a two-year fixed at 5.80 per cent with no extended tie-in, and a one-year 2 per cent discount at 5.3 per cent.

Expats looking to apply for the product also need a UK bank account and proof of income overseas to qualify. The lender said it has tried to make expat business easier and more transparent.

Beech commented: “Rooftop is breaking away from the non-conforming industry standard of ‘referring to lender’ by clearly publicising its underwriting criteria around expats. This means brokers can be more confident that Rooftop will lend to their clients than if applications were dealt with on a referral basis. We believe that transparency is key to a successful product.”

Thomas Reeh, chief executive at blackandwhite.co.uk, said: “Expats often find it very difficult to find finance so Rooftop should be applauded and they could have found themselves a good niche in the market. The 80 per cent LTV is fantastic.”

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