The product, designed to help eligible international buyers invest in property in England and Wales, offers a fixed rate of 3.99% for one year and is available at an LTV of 70% or less
Capricorn Financial Consultancy, which provides mortgage and property finance to high-net-worth clients in the UK and overseas, has announced exclusive access to a new one-year fixed special non-resident BTL mortgage product.
The product, designed to help eligible international buyers invest in property in England and Wales, offers a fixed rate of 3.99% for one year and is available at an LTV of 70% or less.
After a fixed year, the special product will return to the base rate set by the Bank of England plus 3.99%, and buyers repay both principal and interest over the standard 35 years.
A short term loan process can be based on a Full Affordability Assessment. Interest only products are also available with a +0.75% rate loading.
This product is available for purchase by non-residents of England and Wales. Security must be let, or to be let, and applicants and/or their families cannot reside at the property. The product is available for borrowers in China, the Middle East, Turkey, Malaysia, Thailand and selected other countries, offering an attractive alternative to the standard rate in these markets which is currently more than 8.5%. Capricorn says it is working with several property developers to determine which units will be eligible for this product.
Conor Murphy, Chief Executive Officer and founder of Capricorn Financial Consultancy, said: International buyers continue to look to UK housing stock as an attractive asset class, with London the valuable centre point. Stabilising house price inflation and a favourable exchange rate are continuing to boost interest in UK property, and today’s announcement is another important step in our mission to help more overseas buyers to invest in these valuable assets.