Impact launches semi-exclusive expat product with Dudley BS

Specialist packager and distributor, Impact Specialist Finance, has launched a 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.

The product is available for purchase or remortgage up to 85% LTV (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% LTV.

The minimum loan size is £25,000 and the maximum is £1.5m with an arrangement fee of £750 and application fee of £125. Early repayment charges are 1% in year 1, 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, commented: “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, said: “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.”