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TML (The Mortgage Lender) has entered the expat market and will be targeting experienced landlords living abroad with its first expat buy to let products.
TML have said that the products will be available to expats who have a minimum £40,000 employed or £60,000 self-employed equivalent income and on a capital and interest, part and part or interest-only basis.
The new products from TML will be available for both purchase and remortgage applications, with initial rates starting at 3.95 per cent for a two-year fixed rate at 70 per cent loan to value and 4.35 per cent for a five-year fixed rate at 70 per cent loan to value.
Applicants for the new TML expat mortgage products must be able to pay the mortgage from a UK bank account and have an agent or family in the UK who can oversee the buy to let investment property.
The new products will be available to the whole of the market, and will have a £150 application fee, a 2 per cent completion fee and a maximum loan of £750,000.
The Mortgage Lender deputy chief executive, Peter Beaumont, said: ‘There has been a 30 per cent rise in the demand for expat BTL mortgages year on year and our new range, which is available up to 75 per cent loan to value, meets the increase in demand from expat landlords and gives BTL brokers more choice for their customers.’
Meanwhile, Barclays are targeting the new build market with a new fee-free range of products.
The fee-free new build range, which launches tomorrow, includes two-year fixed rates from 2.09 per cent up to 75 per cent LTV with £500 cashback and 2.54 per cent to 90 per cent LTV with £1,000 cashback.
Five-year fixed rates start from 2.18 per cent at 75 per cent LTV with £500 cashback and 2.57 per cent up to 90 per cent LTV with £1,000 cashback available.
Barclays has also reduced rates across a selection of its buy to let products.