OneSavings Bank plc, the specialist lending and retail savings group, has today announced major changes to its ex-pat mortgage product range through its trading brands Kent Reliance and InterBay Commercial. These changes include allowing HMO and Limited Company applications on ex-pat terms and the introduction of new 2, 3 and 5 year fixed rate options with new competitive pricing starting from 3.79% for Kent Reliance and 4.45% for InterBay Commercial.
To further simplify the product range at Kent Reliance, the requirements for the security property to be within London and the South East and the borrower to be a professional have been removed and there are now just two categories;
- Ex-pat Standard this includes loans to individuals on standard flats and houses
- Ex-pat Specialist this includes loans for limited companies, HMOs and student lets
Other important changes include; simplified eligibility criteria, a minimum income of £50,000 and lending to Australian ex-pats is allowed where the property is held in a UK Limited company.
Adrian Moloney, Sales Director commented, “We know that many expats look to invest in buy-to-let property whilst living abroad as a way of generating income, however in recent years, these specialist mortgages have been harder for them to find. Our brokers have told us that this is an underserved market and one that they are keen to expand into. These changes will give them an improved proposition to support their customer’s needs as well as offering more competitive pricing.”
“As brokers are at the heart of everything we do, we need to ensure that we are continually meeting their needs and exceeding their expectations.”