About our Expat Buy to Let mortgages
At Mansfield Building Society, we help Expats buy or refinance their Buy to Let investment property whilst they live and work overseas. As a flexible lender, our personal approach will consider each application on its merit – this page will provide an overview of our general Expat Buy to Let criteria for mortgage intermediaries and the circumstances we are able to consider.
Expat Buy to Let lending types
Our Expat Buy to Let mortgages are available to 70% Loan to Value (LTV) and we accept Expats looking to purchase or remortgage investment property as well as Expats looking to convert their UK residential property into a Buy to Let (known as an Expat Consumer Buy to Let).
Affordability is based on the Interest Coverage Ratio (ICR) – the ICR is expressed as a percentage of the ‘stressed’ monthly mortgage payment and is used to calculate how much The Mansfield is willing to lend based on the actual or estimated rental income. The ICR takes into account the stressed monthly mortgage payment plus extra to cater for voids and other costs i.e. repairs and agents fees for example.
The ICR differs dependent upon whether the applicant is applying for a Standard Expat Buy to Let or a Consumer Expat Buy to Let. Full details of the ICR requirements are shown on the individual product features, which can be accessed via the mortgages page in the intermediary section of our website.
Expat applicant criteria
Expat applicants must be UK nationals, have been UK owner-occupiers, and currently be residing in a Financial Action Taskforce (FATF) member country for less than 5 years. Residents of Australia and China are ineligible, although member states of the Gulf Corporation Council, and Hong Kong residents can apply.
A minimum income of £40,000 (or equivalent) applies and a UK service address and a UK based sterling bank account are also required.
Property types for Expat Buy to let lending
Acceptable properties are the same as our normal Buy to Let criteria and must be located in England and Wales. We will lend on houses and we are able to lend on converted flats and purpose built flats in blocks of 4 storeys or less (ground plus 3 floors) on a Leasehold or Commonhold basis.
We do not lend on new build city centre flats, properties over retail outlets or any Houses in Multiple Occupation (HMO). Full details of excluded properties are detailed in our Expat Mortgage Application Checklist (see below).
What support do we give for brokers working with Expat clients and what do we expect?
We have designated products for Standard Expat Buy to Let and for Expat Consumer Buy to Let, which can be viewed from the Mortgages page of our Intermediary section.
We have created an Expat Mortgage Application Checklist that provides more detail about our requirements to help mortgage brokers gather the necessary information to support their applications.
Brokers can request a formal DIP and submit a full mortgage application via our online portal, and they can call our Intermediary Sales team to talk through a case on 01623 676 360. Lines are open Monday to Friday 9am* to 5pm (*Wednesday from 10am).