Hanley Economic Building Society has re-entered the expat buy-to-let (BTL) market.
The building society has reintroduced its 80% loan-to-value (LTV) variable discount product set at 3.49%, which includes 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.
The offering was removed in April 2020 due to the complications caused by coronavirus.
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In terms of specific criteria, rental income must be received in sterling and achieve an interest cover ratio (ICR) of 145% at Hanley’s stressed interest rate.
The lender added that mortgage payments must be made in sterling from a UK bank account and the borrowers’ family cannot occupy the property.
In addition, applicants must not have more than three BTL properties in total.
David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “We are pleased to be back in the ex-pat BTL 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 ex-pat BTL 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.”