If you’re an expat looking to buy a rental property in the UK, Mansfield Building Society has just made it easier for you. They’ve relaxed their lending criteria, opening up more opportunities for landlords living abroad.

The biggest change is that Mansfield has reduced the amount of rental income you need to qualify for a buy-to-let mortgage. Previously, you needed enough rental income to cover 145% of your mortgage payment, calculated at a hefty 6.50% interest rate or 2% above the actual rate you’re paying. That’s a lot of income! But now, you only need to show 125%. That means more of you can qualify for a mortgage, giving you access to a wider range of properties.

Longer Overseas Residency – More Flexibility for Expats

Mansfield has also expanded their offering to include expats who have lived abroad for over five years. Previously, there was a limit on how long you could have been living overseas. This new rule makes it much easier for long-term expats to invest in UK property.

Higher Flats – More Options in Popular Locations

Mansfield has also updated its lending criteria for the type of properties you can buy. They now allow you to buy flats up to 10 storeys high, even if they’re in city centres or above commercial units. This means you have more options for your investment, including properties in areas with high rental demand.

Who Benefits From These Changes?

These changes are a win-win for both expats and the mortgage brokers who work with them. Tom Denman-Molloy, intermediary sales manager at Mansfield, says: “These new changes mean that we can be more accommodating for expats by reducing the rental income hurdle for consumer buy-to-let landlords and making ourselves available to landlords who have been expats for a more prolonged period.”

So, if you’re an expat landlord thinking about investing in UK property, these new changes from Mansfield Building Society are good news for you. It could be a great time to take the plunge!