Impact Specialist Finance has launched a brand-new expat mortgage product with Dudley Building Society.

This product is only available through a select group of packagers, which includes impact Specialist Finance.

The product is designed for UK citizens living abroad who are purchasing a residential property, with the option of returning to the UK in the short to medium term.

Available for purchase or remortgage up to 85% loan to value (including arrangement fee) at 5.99% (1.00% discount off of SVR for the term) and on a capital & interest or interest only basis (interest only is capped at 75% loan to value). Minimum loan is £25,000 and the maximum is £1.5m with an arrangement fee £750 and application fee of £125.

Early repayment charge is 1% in year one, 0.5% in years two and three and overpayments allowed up to 10% per annum for three years without charge.

Dale Jannels, managing director at Impact Specialist Finance, said: “Despite the challenging economic outlook, it’s great to see lenders such as Dudley Building Society provide choice in an underserved area of the market. We see a lot of enquiries from brokers for expat clients, so having this option available should prove extremely popular.”

Robert Oliver, distribution director at Dudley Building Society, added: “It’s great to return to the market with a product that is not readily available to most advisers. This market segment remains strong and offering a lending solution to these clients is really important. Working with distribution partners like Impact allows us to continue to develop our proposition.”