Launching today, the lenders’ new expat products are open to non-SPV individual landlords who are UK nationals living as expats from over 60 countries worldwide and those based in EU/EEA/Switzerland, as well as limited company borrowers.
FHL say that products will be available for standard buy-to-lets, short-term lets, HMOs and Green options all available up to 75% LTV for both purchases and remortgage with rates starting from 3.24%.
Foundation can consider applicants that are employed and also those in retirement.
ICR on the Expat range is calculated in the same way as Foundation’s core range – 125% for basic-rate taxpayers and limited companies, and 145% for all others.
Advisers will also find that the underwriting requirements have been simplified to remove some of the administrative burdens for advisers and their Expat clients. The lender now only requires evidence of one year’s income for Expats, it has removed the automatic requirement to speak to the borrower, and it has broadened the range of ID/proof of residency it will consider to include residency cards, official UK Government-issued correspondence, and credit/utility statements from UK firms.
George Gee, Managing Director (Commercial) at Foundation Home Loans, said: “Today we have broadened our Expat buy-to-let product range offering, both in terms of the landlord borrowers we will accept, and the specific options available to them.
"Now individual Expat landlords can secure finance, as well as limited company borrowers, and we have new products available for those purchasing or remortgaging Green, short-term lets and HMO properties. We’ve also cut our fee levels and looked at our criteria and underwriting around Expat mortgages seeking to simplify and remove some of the administrative burdens for advisers and their Expat clients.
"Investment in UK property remains an attractive option for many Expats and this new range and criteria opens up the type of investment they can purchase and refinance, and the means by which they can do this.”
