Impact Specialist Finance has launched a new semi-exclusive expat mortgage product with Dudley Building Society.

The product is only available through a select group of packagers, which includes impact Specialist Finance.

It has been designed for UK citizens living abroad who are purchasing a residential property, with the option of returning to the UK in the short to medium-term.

Impact Specialist Finance confirmed that the product is available for purchase or remortgage up to 85% LTV, including an arrangement fee, at 5.99%, and on a capital and interest or interest only basis, with interest only capped at 75% LTV.

The minimum loan amount is £25,000 while the maximum is £1.5m with an arrangement fee of £750 and application fee of £125. Early repayment charge is 1% in the first year, 0.5% in years two and three, and overpayments are allowed up to 10% per annum for three years without charge.

Impact Specialist Finance managing director, Dale Jannels, commented: “Despite the challenging economic outlook, it’s great to see lenders such as Dudley Building Society provide choice in an underserved area of the market. We see a lot of enquiries from brokers for expat clients, so having this option available should prove extremely popular.”

Dudley Building Society distribution director, Robert Oliver, added: “It’s great to return to the market with a product that is not readily available to most advisors. This market segment remains strong and offering a lending solution to these clients is really important. Working with distribution partners like Impact allows us to continue to develop our proposition.”

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