Vida has widened its buy-to-let expat criteria for a limited number of distributors, to cater for existing UK property owners working in FATF member countries.
The lender’s ‘EEA only’ buy-to-let expat product continues to be available to the whole market.
The exclusive range is available up to 65% LTV outside the EEA (up to 75% LTV inside the EEA). First time landlords, Houses in Multiple Occupation and multi unit blocks are all acceptable. Maximum loan size is £1 million.
In addition, spouses who are non-British citizens can be party to the mortgage and no minimum income is required.
The new extension to Vida’s buy-to-let expat range is currently available to mortgage intermediaries through the following exclusive distributors: 3mc, Brightstar, Complete FS, Connect for Intermediaries, Mortgages for Business and Buy to Let Club. Vida is giving intermediaries the choice of submitting business via packagers or directly via the club route where appropriate.
Louisa Sedgwick, director of sales – mortgages, said: “Here at Vida we are really pleased to be able to offer this extension to our buy-to-let expat range via a selected number of key distributors. Vida is focused on meeting the needs of customers who are currently underserved by the high street lenders and the feedback we’ve had from intermediaries who specialise in expat business is that this move will be welcomed.”