Hanley Economic Building Society has announced the introduction of a new ex-pat product into its buy-to-let (BTL) mortgage range.

The Society revealed its first offering in this part of the BTL market is a 3.49% Variable Discount product at a maximum 80% LTV.

The product, which has an application fee of £250 and a product fee of £500, has a minimum loan size of £100,000, and a maximum of £500,000.

Hanley indicated a rental income must be received in sterling and achieve an Interest Cover Ratio of 145% at the Society’s stressed interest rate.

Furthermore, the Society said that mortgage payments must be made in sterling from a UK bank account, and that all applicants must be able to provide satisfactory evidence of their identity, overseas address and UK bank account.

Hanley head of marketing and business development, David Lownds, commented: “We recognise that the ex-pat marketplace is currently underserved by the wider lending community, and after undertaking substantial due diligence and extensive intermediary feedback, have moved into this area to help provide additional choice for our intermediary partners and their ex-pat clients.

“Our manual underwriting team will look at each case on its own merit and incorporate a flexible approach which can be useful for overseas clients and their shifting borrowing requirements in the current political and economic climate.

“This approach and support will also help intermediary partners get to grips with the complexity and intricacies attached to this area of lending and expand their BTL offering accordingly.”

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