GB Bank has expanded its buy-to-let mortgage proposition to include foreign nationals and expatriates without UK residency.
The lender’s updated criteria will allow non-resident foreign nationals to borrow up to £20 million at up to 75% loan to value, with no requirement for a UK income or ownership of existing UK property. There are no minimum income thresholds and first-time landlords will also be eligible, although subject to a maximum loan of £7.5 million.
In a bid to support a broader range of investment strategies, the bank will lend against HMOs and multi-unit blocks with no upper limit on the number of bedrooms or units. Mixed-use properties are also eligible, with GB Bank confirming that it will consider applications made through overseas special purpose vehicles and trusts. Complex ownership structures are to be assessed on a case-by-case basis.
Applicants must have a UK bank account but need not be UK residents. The offer is available to clients from most global jurisdictions, excluding those on the Financial Action Task Force blacklist or under international sanctions. A minimum interest coverage ratio of 130% applies, with pricing tailored to the individual borrower.
By broadening its criteria to include non-resident investors, GB Bank aims to tap into a wider pool of capital and address what it describes as unmet demand from overseas.
Mike Says (pictured), chief executive at GB Bank, said: “We’re seeing increasing demand from international investors who recognise the strength and stability of the UK property market. Our enhanced buy-to-let proposition reflects our commitment to providing accessible, agile and expert-led lending solutions, particularly on high value investments.
“By removing the UK residency barrier, we can say ‘yes’ to more complex cases that mainstream lenders would decline.”
