Enhanced criteria now align with recent changes across the wider BTL product range
Mansfield Building Society has updated its expat buy-to-let criteria, reducing rental income requirements for Consumer BTL and including expats who have lived overseas for more than five years.
The interest coverage rate (ICR) for Expat Consumer BTL affordability has been lowered from 145% to 125% of the monthly mortgage payment, calculated at 6.5% or 2% above the product pay rate.
In addition, the criteria for expat property types now align with recent enhancements across the mutual’s wider buy-to-let product range. This includes eligibility for 10-storey flats, city centre properties, and units above commercial premises.
“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 (pictured), intermediary sales manager at Mansfield Building Society.
“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.”
Aside from buy-to-let mortgage products, Mansfield Building Society also offers a range of residential products. Residential purchase mortgages are available up to 95% loan-to-value (LTV) and remortgages up to 90% LTV.
The lender said its individual underwriting – done without the use of automated credit scoring systems – enables it to account for niche lending needs. These include support for first-time buyers (family gifted deposits, Right to Buy, and mortgages for up to four applicants), lending into retirement, shared ownership, property improvement, interest-only, Let to Buy and Regulated Buy to Let mortgages.
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