Penrith Building Society is reintroducing its expat buy-to-let (BTL) and holiday let products to the market, catering to growing demand.
- The offering includes three products: expat BTL purchase, expat BTL remortgage, and expat holiday let.
- These products will be available in England, Scotland, and Wales starting on 13th November.
- The relaunch comes with flexible features, such as up to 70% loan-to-value (LTV) and a maximum loan size of £450,000.
- A free valuation up to £1 million is available on expat BTL remortgages, with top slicing options.
Penrith Building Society is making a strategic return to the expat buy-to-let and holiday let sectors. This decision aligns with a burgeoning demand in the rental market, as more investors seek opportunities within these domains. The relaunch includes three key products aimed at expats: buy-to-let purchase, remortgage, and holiday let options. Starting from 13th November, these offerings will be accessible to customers within England, Scotland, and Wales.
The products have been tailored to provide considerable flexibility and competitive terms to potential investors. A central feature is the maximum loan-to-value of 70%, which allows borrowers to finance a significant portion of their investments. In addition, the products accommodate a maximum loan size of £450,000, making them suitable for substantial property investments. This thoughtful product design intends to meet the diverse needs of the rental market and the expectations of today’s investors.
A distinct characteristic of the expat BTL remortgage product is the inclusion of a free valuation for properties up to £1 million, providing an attractive incentive for potential borrowers. Moreover, for those requiring additional support, top slicing is available, offering a flexible financial structuring option to investors. These features have been incorporated to enhance the appeal of the products to brokers and their clients.
Tim Vigeon, head of products at Penrith Building Society, expressed enthusiasm about the relaunch. According to Vigeon, the earlier success of these products prompted their return to the market to satisfy broker demand. He highlighted the society’s commitment to serving the expat community, particularly those interested in buy-to-let and holiday let investments, reinforcing the society’s role in supporting market activities.
Penrith Building Society’s product relaunch is poised to meet growing demands of the rental market.
