“We have expanded our buy-to-let product offering for expatriates, both in terms of the borrowing landlords we will accept and the specific options available to them.”
From today, the Foundation’s Expat Proposal is available to non-SPV individual owners who are UK nationals living as expats around the world, as well as borrowers from limited liability companies .
The products will be available for standard purchases, short-term rentals, HMOs and green options, all available up to 75% LTV for purchases and mortgages with rates starting at 3.24%.
The range will be available to UK nationals living as expats from over 60 countries around the world as well as those based in the EU/EEA/Switzerland. The Foundation may consider applicants who are employed and also those who are retired.
The ICR on the expatriate range is calculated in the same way as the basic Foundation range – 125% for basic rate taxpayers and limited companies, and 145% for all others.
In addition, underwriting requirements have been simplified to remove some of the administrative burden for advisors and their expatriate clients. The lender now only requires one year’s proof of income for expatriates, it has removed the automatic requirement to speak to the borrower and it has expanded the range of ID/proof of residence it will consider to include residence cards, issued by the official UK government. correspondence and credit/utility statements from UK companies.
George Gee, Chief Commercial Officer of Foundation Home Loans, said: “Today we have expanded our buy-to-let product offering for expatriates, both in terms of the borrowing landlords we will accept and the specific options available to them. Now individual expatriate landlords can get financing, as well as LLC borrowers, and we have new products available for those buying or paying off green, short-term rentals and HMO properties.
“We have also reduced our fee levels and reviewed our expatriate mortgage criteria and underwriting aimed at simplifying and removing some of the administrative burden for advisers and their expatriate clients. 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, and the means by which they can do so.