The product is only available through a select group of packagers
Specialist packager and distributor Impact Specialist Finance has launched a new expat mortgage product with Dudley Building Society.
The product, which is only available through a select group of packagers, is designed for UK citizens living abroad who are purchasing a residential property, with the option of returning to the UK in the short to medium term.
It is available for purchase or remortgage up to 85% loan-to-value (LTV) including arrangement fee at 5.99% with 1.00% discount off of SVR for the term, and on a capital and interest or interest-only basis, with interest-only capped at 75% LTV.
Minimum loan is £25,000 and the maximum is £1.5 million with an arrangement fee of £750 and application fee of £125. Early repayment charge is 1% in year one, 0.5% in years two and three, and overpayments allowed up to 10% per annum for three years without charge.
“Despite the challenging economic outlook, it’s great to see lenders such as Dudley Building Society provide choice in an underserved area of the market,” Dale Jannels (pictured), managing director at Impact Specialist Finance, commented. “We see a lot of enquiries from brokers for expat clients, so having this option available should prove extremely popular.”
Robert Oliver, distribution director at Dudley Building Society, was excited to return to the market with a product that is not readily available to most advisors.
“This market segment remains strong and offering a lending solution to these clients is really important,” he said. “Working with distribution partners like Impact allows us to continue to develop our proposition.”