Expat Buy-to-Let Mortgage Options Just Got a Boost

In a move set to shake up the expat buy-to-let (BTL) mortgage market, Mansfield Building Society has announced significant enhancements to its lending criteria. The changes, which come hot on the heels of similar updates to its wider BTL product range, are designed to make life easier for expat landlords looking to invest in UK property.

Lower Rental Income Requirements

One of the key changes is a reduction in the interest coverage rate (ICR) from 145% to 125% of the monthly mortgage payment calculated at 6.50% or 2% above the product pay rate. This means that expat landlords will no longer need to demonstrate such a high level of rental income to secure a mortgage.

Relaxed lending criteria makes it easier for expats to get a buy-to-let mortgage.

Expanded Property Types

The society has also broadened its criteria to include a wider range of property types, including 10-storey flats in city centres and above commercial units. This brings its expat BTL offering into line with its wider BTL product range.

“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,” said Tom Denman-Molloy, intermediary sales manager at Mansfield.

Mansfield Building Society is making it easier for expats to get a buy-to-let mortgage.

A More Enticing Proposition

The changes are likely to make Mansfield’s BTL lending a more enticing proposition for brokers who represent expat landlords. With its expanded property types and more accessible rental income requirements, the society is positioning itself as a go-to lender for expats looking to invest in UK property.

“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,” added Denman-Molloy.

Expat landlords can now access a wider range of buy-to-let mortgages.

With these changes, Mansfield Building Society is demonstrating its commitment to supporting expat landlords and helping them achieve their property investment goals. As the expat BTL market continues to evolve, it will be interesting to see how other lenders respond to these changes.