This particular product was withdrawn in April due to Covid-19 after being launched in January 2020 and has an application fee of £299 and a product fee of £500. The minimum loan size is £30,000, with a maximum loan size of £500,000.
In terms of specific criteria, rental income must be received in sterling and achieve an Interest Cover Ratio of 145% at Hanley’s stressed interest rate. Mortgage payments must be made in sterling from a UK bank account and all applicants must be able to provide satisfactory evidence of their identity, overseas address and UK bank account. The property cannot be occupied by the borrowers’ family and applicants must not have more than three BTL properties in total (this includes unencumbered properties).
This follows the society’s recent criteria review across its entire product range in a bid to simplify and clarify its lending policy and criteria for intermediary partners and their clients.
David Lownds, Head of Marketing & Business Development at Hanley Economic Building Society, commented:
“We’re pleased to be back in the ex-pat BTL marketplace with what remains a highly competitive product offering. Due to the fact that we can accept applications from 35 countries, we expect this to be a popular option for those investors who are realising the investment opportunities currently presenting themselves across the UK housing market.
“Although there remains a lot of uncertainty in the world, we expect the ex-pat BTL market to remain active as we navigate our way through the Brexit period and we hope this reintroduction will help provide some much-needed choice in this product area for our intermediary partners and their ex-pat clients.”
