Penrith Building Society has reintroduced three mortgage products aimed at the expat market with a focus on buy-to-let and holiday properties.
- These mortgages are accessible in England, Scotland, and Wales, offering a maximum loan-to-value (LTV) of 70%.
- The expat buy-to-let remortgage includes a free valuation and offers top slicing.
- Recent expansions include an increased LTV of 80% for expat residential and foreign currency products.
- The move responds to significant broker demand following prior success earlier in the year.
In a strategic move to support expats investing in property, Penrith Building Society has relaunched three tailored mortgage products. These products specifically target the expat buy-to-let market and those interested in holiday property investments across England, Scotland, and Wales. With a focus on flexibility and value, each mortgage product offers a maximum LTV of 70%, ensuring a competitive edge in the market.
The expat buy-to-let remortgage product stands out with its offer of a free valuation, an attractive addition for potential borrowers. Additionally, the availability of top slicing across the range enhances financial accessibility, allowing expats to leverage other income sources to meet lending criteria.
This relaunch follows a recent re-entry into the expat residential and foreign currency markets by Penrith Building Society, after a brief withdrawal in July. The new expat and foreign currency offerings now boast an increased LTV of 80%, a reduced minimum loan amount requirement to £50,000, and the provision of interest-only options.
Moreover, these products can be availed on a joint borrower sole proprietor basis, broadening their applicability and providing additional structuring flexibility for borrowers.
Tim Vigeon, the Head of Products at Penrith Building Society, expressed optimism about these products meeting the rising broker demand, stating: “Following the success of these product earlier this year, we have relaunched these products to meet broker demand. We are delighted to be able bring these expat products back to market and look forward to helping expats in the buy-to-let and holiday let space.”
Penrith Building Society’s relaunch of expat-focused mortgage products reflects its commitment to serving the evolving needs of expat investors in the UK property market.
