Mansfield enhances expat buy-to-let offering

Mansfield Building Society has enhanced the criteria on its expat buy-to-let offering by reducing its rental income requirements for consumer buy-to-let and including expats who have lived overseas for more than five years.

Expat consumer buy-to-let affordability has seen the Interest Coverage Rate (ICR) lowered from 145% to 125% of the monthly mortgage payment calculated at 6.50% or 2% above the product pay rate.

The criteria available on expat property types has also been brought into line with recent enhancements across the wider buy-to-let product range, which now encompasses 10 storey flats, including in city centres and above commercial units.

Intermediary sales manager, Tom Denman-Molloy, commented: “These new changes mean that we can be more accommodating for expats by reducing the rental income hurdle for consumer buy-to-let landlords and making ourselves available to landlords who have been expats for a more prolonged period.

"Combined with the recent changes to our lending criteria to accommodate flats of up to 10 storeys, we think our buy-to-let lending will be an enticing proposition for brokers who represent expat landlords.”