Foundation Home Loans has launched an exclusive buy-to-let range for expatriate homeowners.
The broker-only lender says its Foundation’s Expat products are available to non-sspecial purpose vehicle sole proprietors who are UK nationals living as expatriates, as well as borrowers from limited liability companies.
The range covers standard BTL, short-term rentals, multi-occupancy homes and green options up to 75% loan to value for purchases and mortgages, with rates starting at 3.24%.
The lender adds that the products are available to UK nationals living as expats in over 60 countries, as well as those based in the EU/EEA/Switzerland. It will consider applicants who are employed and those retired.
It says the interest coverage ratio on the range is calculated the same way as the Foundation’s base range – 125% for base rate taxpayers and LLCs, and 145% for all others. .
The company adds that it has simplified its underwriting requirements for advisers and their expatriate clients.
The lender now only requires one year’s proof of income for expats and has removed the automatic requirement to speak to the borrower.
It has also expanded the range of identity documents and proof of residence it will consider to include residence cards, official correspondence issued by the UK government and credit and utility statements from UK businesses.
George Gee, Managing Director of Foundation Home Loans, Commercial, said: “Now individual expatriate homeowners can get finance, as well as limited liability company borrowers, and we have new products available for those buying or repaying green properties, short term rentals and HMO properties.
“We have also reduced our fee levels and reviewed our expatriate mortgage criteria and underwriting to simplify and remove some of the administrative burden for advisors and their expatriate clients.
“Investing in property in the UK remains an attractive option for many expats and this new range and criteria opens up the type of investment they can buy and refinance, as well as the means by which they can do so. make.