Buckinghamshire BS relaunch ex-pat BTL product
With the latest figures from ONS revealing that almost four million Brits live abroad and almost 800,000 in Europe alone, there has understandably been a rise in demand for buy-to-let products that cater to overseas investors.
Adding to this, data released by Twenty7Tec shows there has been a surge in demand for buy-to-let property, with significantly more tenants seeking homes to rent.
With the choice of lenders increasing and smaller building societies offering a range of options, Buckinghamshire Building Society has announced that it is reintroducing its Ex-Pat Buy-to-Let Mortgage, available for individual landlords (including first-time landlords) or limited companies.
Tim Vigeon, the Society’s Head of Lending, comments:
“Our Ex-Pat product is up to 70% LTV and available to those who are residing abroad, either renting or as homeowners. We have no maximum age at entry or exit, which is something that is unique in the market. We have had a number of enquiries regarding this type of lending in the past, with people looking to rent out a UK property as part of their long-term financial planning. We have a list of accepted countries and the borrower must be either living or working in one of these.”
Tim continues: “Customers will of course be subject to our usual affordability criteria, and as long as they have a UK bank account from which to pay the mortgage and receive the rent, we believe this will prove, once again, a popular addition to our Buy-to-Let offering."
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