Mansfield enhances Expat BTL offering

25 June 2024

Mansfield Building Society has enhanced the criteria on its Expat Buy to Let (BTL) offering by reducing its rental income requirements for Consumer BTL and including expats who have lived overseas for more than five years.

Expat Consumer BTL affordability has seen the Interest Coverage Rate (ICR) lowered from 145% to 125% of the monthly mortgage payment calculated at 6.50% or 2% above the product pay rate.

The criteria available on expat property types has also been brought into line with recent enhancements across the wider BTL product range, which now encompasses 10 storey flats, including in city centres and above commercial units.

Intermediary Sales Manager Tom Denman-Molloy commented:

“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.

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.”