The Cambridge launches new Buy to Let Expat Mortgage range
29 January 2019 • Products & Services
The Cambridge Building Society has today launched a new range of Buy to Let Expat mortgages available up to 75% loan to value.
The new range consists of 5 year fixed rate and 2 year discount rate mortgages.
The range is available for purchases and to borrowers looking to remortgage.
For the 5 year Fixed BTL Expat product, applications will be assessed using a stress rate of 4.99%, which is the current pay rate plus 1.5%, with rental coverage of 140% (dropping to 125% on like for like remortgages).
These products can also be combined with other criteria from The Cambridge’s Buy to Let range, including a maximum loan amount of £750,000 and a minimum applicant income of £25,000.
Tracy Simpson, Head of Lending comments; “This new range of products demonstrates a commitment to this type of borrower and how we continue to invest in our Buy to Let offering. Landlords who are based abroad often have a specific set of circumstances and our manual underwriting approach allows these to be taken into consideration.”