The Mortgage Lender is targeting experienced landlords living abroad with its first expat buy to let (BTL) products.
The products are available to expats with a minimum £40k employed (£60k self-employed) equivalent income and on a capital and interest, part and part or interest-only basis.
Available for both purchase and remortgage applications, initial rates start at 3.95 per cent for a two-year fixed rate at 70 per cent loan to value and 4.35 per cent for a five-year fixed rate at 70 per cent 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 Mortgage Lender deputy chief executive Peter Beaumont said: “There has been a 30 per cent rise in the demand for expat BTL mortgages year on year and our new range, which is available up to 75 per cent loan to value, meets the increase in demand from expat landlords and gives BTL brokers more choice for their customers.”
The expat BTL products are available to the whole of the market, have a £150 application fee, a 2 per cent completion fee and a maximum loan of £750,000.
The Mortgage Lender is an intermediary-only mortgage lender. It provides real life lending choices for a wide range of borrowers including employed, self-employed, those with impaired credit, lending into retirement and BTL investors.
In 2019 it has launched Help to Buy residential mortgages, its first BTL fees assisted remortgage product and completed its first UK mortgage-backed securitisation of residential assets for a total notes issuance of £238.5m.