Irish Permanent International’s new mortgage line-up consists of a special buy-to-let two-year fixed rate of 5.25% plus capital-and-interest and interest-only Flexi Trackers from 5.24%. The range has an 85% loan-to-value and rent cover of 125% based on monthly interest payments is allowed. The procuration fee payable on all products is an uncapped 0.5%.
The Isle of Man-based lender’s new line-up is designed to increase the number of borrowers taking advantage of the tax-saving features of offshore mortgages. Offshore mortgages can be taken out by UK residents with dual or overseas nationality and by expats. They reduce or eliminate Stamp Duty, Capital Gains Tax and higher rate Income Tax on net rental income.
Commenting on the move, Gary Hanrahan, business development manager at Irish Permanent International, said: “There are several million people in the UK that could take advantage of offshore mortgages but don’t. This sector is almost completely ignored by lenders and the limited number of mortgages that have been on offer are not that special. We think our new range will change all that.”
