The Mortgage Lender (TML) has launched its first expat buy-to-let mortgage product range.
Available for both purchase and remortgage applications, initial rates start at 3.95% for a two-year fixed rate at 70% loan to value (LTV) and 4.35% for a five-year fixed rate at 70% LTV.
The expat buy-to-let products, available to the whole of the market, have a £150 application fee, a 2% completion fee and a maximum loan of £750,000.
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.
In addition, the products are only available to expats with a minimum salary of £40,000 for employed borrowers, or £60,000 for self-employed, and on a capital and interest, part or interest-only basis.
TML’s deputy chief executive, Peter Beaumont, commented: “There has been a 30% rise in the demand for expat BTL mortgages year-on-year, and our new range meets the increase in demand from expat landlords and gives BTL brokers more choice for their customers.”