Vernon Building Society has launched an expat buy-to-let mortgage product to bolster its offering to British nationals living and working abroad who wish to purchase or retain a property in England and Wales on a buy-to-let basis.
The expatriate property investment market continues to evolve and the society’s latest offering provides brokers and their clients with improved options in a market where dedicated expat buy-to-let products remain limited.
Brendan Crowshaw (main picture), head of mortgage and savings distribution at Vernon, said: “The expatriate property investment market is growing rapidly, yet expat buy-to-let mortgages remain a specialist segment with limited options.
“Expatriate landlords face real barriers when investing in UK property because mainstream lenders simply can’t accommodate their circumstances.”
PERSONAL UNDERWRITING
He added: “Our new product brings fresh choice, specialist expertise and the kind of personal underwriting and flexibility that matters when circumstances are complex.”
Vernon’s manual underwriting approach allows it to consider each application on its individual merits – a particular advantage for borrowers with complex circumstances that automated systems often cannot accommodate.
PRODUCT DETAILS
Vernon’s expat buy-to-let 2-Year discount is available at 5.29% (a 2.31% discount from SVR of 7.60%) with a £999 arrangement fee. The product is available up to 75% LTV with a maximum loan up to £1 million, with affordability calculated at Expat ICR 140%.
One benefit for clients includes 25% overpayment flexibility without charge, providing borrowers with greater control over their mortgage management.
The product is available on both limited company and consumer buy-to-let structures. It is also open to first-time landlords,
Available to British nationals in most countries worldwide, borrowers must provide a UK correspondence address, hold a UK bank account and have a minimum employment income of £30,000.
