Mansfield launches expat buy-to-let mortgage
Mansfield Building Society has launched a buy-to-let mortgage targeting expats living and working overseas.
The product is a three-year discount priced at 4.49%. There is a 1.1% discount from the lender's standard variable rate.
After the three year period, the mortgage will revert to the Mansfield's standard variable rate, which is currently 5.59%. The overall cost for comparison is 5.6% APR.
Borrowers can take out mortgages between £50,000 and £300,000, while the product incurs a £199 application fee and £1,300 completion fee which can be added to the loan.
Aaron Strutt, product manager at Trinity Financial, says: “Mansfield states that the mortgage will need to complete by the 31 January 2016. This is because of the regulatory changes surrounding foreign income being implemented next year.”
“The rental income generated from the property must be at least 130% of monthly interest calculated at a notional rate of 5%. The lender will accept applications from expats with a maximum of 10 buy-to-let mortgages with other lenders.”
For help to secure an expat mortgage, call Trinity on 020 7016 0790.
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