Molo launches expat BTL mortgages for Brits abroad

Molo launches expat BTL mortgages for Brits abroad

0:03 AM, 26th February 2024, About 2 months ago

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Molo Finance has announced the launch of new expat buy to let mortgages for British nationals living overseas.

The new products are designed to provide financing for those who live and work in Hong Kong, Singapore, UAE, the European Union and a wide range of other countries and want to invest in the UK property market.

Molo is extending its product offering after the successful introduction of its non-resident BTL mortgages in October 2023, which received positive feedback from brokers.

‘Meeting the diverse needs of our clients’

Molo’s chief executive, Matthew Kimber, said: “Our commitment to innovation and meeting the diverse needs of our clients is at the core of our mission.

“Since the introduction of our non-resident buy to let range, we’ve received positive feedback from the broker community, reflecting a strong interest in expat lending.

“The launch of expat buy to let mortgages demonstrates our dedication to helping our customers.”

New expat BTL mortgage

The new expat BTL mortgage offers a one-year fixed product from 4.99%, as well as two- and five-year fixed-rate products from 6.24%.

Molo can assess applications using both rental coverage and income and lend up to 80% LTV for both property purchase and remortgage transactions in England and Wales.

The lender has also adjusted its rates for both UK-resident and non-UK resident products.

For UK residents, individual and limited company two-year fixed-rates start from 4.55% for 75% LTV, and five-year fixed-rates start at 5.44% for 75% LTV.

For non-UK residents, individual and limited company standard one-year fixed-rates start from 5.99% for 70% LTV, and two- and five-year fixed-rates start from 7.74% for 70% LTV.

Suffolk BS announces a significant reduction in its expat mortgage rates

Meanwhile, Suffolk Building Society has announced a significant reduction in its expat mortgage rates, with the largest cuts on its interest-only option.

The interest-only product, which has a maximum loan of £500,000, now charges 6.44% for a two-year fix, down from 5.89%. This product has a £199 application fee and a £999 completion fee.

Suffolk BS has also lowered the rates on its other two-year fixed-rate products in this expat range.

Its standard repayment product, which has a maximum loan of £1m, is now priced at 5.59%, down from 6.09%.

This product also has a £199 application fee and a £999 completion fee.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

Contact Brooklands Commercial Finance

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