Penrith Building Society is reinvigorating its offerings for expat buy-to-let and holiday let mortgages, responding to growing market demands.
- The society will recommence with three products aimed at expats: BTL purchase, BTL remortgage, and holiday let options.
- These products are tailored for the England, Scotland, and Wales markets, re-launching on 13th November.
- A maximum loan-to-value (LTV) of 70% and a maximum loan size of £450,000 characterises these products.
- Additional features include top slicing options and complimentary valuations on remortgages up to £1m.
With a strategic move to tap into the surging rental demand, Penrith Building Society is set to relaunch its expat buy-to-let (BTL) and holiday let mortgage products. These include the expat BTL purchase, expat BTL remortgage, and expat holiday let, and are specifically designed to offer flexibility and competitive terms.
Commencing from 13th November, these mortgage products will be accessible across England, Scotland, and Wales, opening doors for expats looking to invest in the property market. The society has structured these offerings to cater to the nuanced needs of expats, who often face unique challenges in securing property investments while living abroad.
The offerings boast a maximum loan-to-value (LTV) of 70%, with a maximum loan ceiling set at £450,000. This significant loan size, accompanied by competitive interest rates, aims to attract a wide array of investors. Notably, the remortgage option provides supplementary benefits such as a complimentary property valuation worth up to £1 million, potentially enhancing the appeal for those evaluating refinancing opportunities.
Tim Vigeon, the head of products at Penrith, emphasised the success of these products earlier this year as a catalyst for this relaunch. He expressed optimism, stating: “We are delighted to be able to bring these expat products back to market and look forward to helping expats in the BTL and holiday let space.” His confidence underscores the Society’s commitment to meeting the demands of its clientele while adapting to market trends.
The strategic decision to include top slicing also adds a layer of financial viability for potential investors. The integration of such financial strategies allows investors to utilise their surplus income to enhance borrowing potential, thus maximising investment opportunities.
Penrith Building Society’s relaunch of strategic mortgage products signifies a robust response to market demands, bolstering opportunities for expatriate investors.
