Applicants to the range are not required to be UK tax payers by Salt and there is no requirement for the applicant to have their salary paid in sterling or into a UK bank account, although the mortgage and repayments must be made in pounds sterling. First-time landlords are also able to apply.
Alistair Welham, head of marketing at Salt, commented: “We have adjusted our criteria so that intermediaries can now offer expatriates the same deals as UK residents across our entire BTL range. Furthermore expatriate applicants no longer have to be UK tax payers or paid in sterling, which will be of significant benefit to those who are retired and living abroad as well as those whose income is taxed in the country in which they are working.”
Salt also announced changes to the benefits of inter-family property sales, with the intention of making buying and selling easier within families. The resulting change from Salt, following feedback from intermediary partners, has seen the lender open up product availability to family members purchasing for a relative.
The lending criteria includes the purchasing of property being made simpler with prime self-cert, near-prime and light adverse products now available for this group. In addition to lending 100 per cent of the discounted purchase price, it will allow £5,000 of additional fees to be added to the loan, capped at 90 per cent LTV.
Welham said: “Many lenders will not entertain this type of lending at all and others will insist the property is purchased as a second home or BTL – neither of which meets the needs of the borrower or is a suitable product in the circumstances.”
The new pricing sees its two and three-year fixed rates range from 6.24 per cent for near-prime, 6.34 per cent for light adverse, 6.69 per cent for medium adverse and 6.99 per cent for heavy adverse.
Jonathan Barnett, director of All Mortgage Matters, said: “I recently did a case like this where the lender didn’t ask if clients were related. As far as I can see, it’s not an issue unless the property has been undervalued.”
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