Penrith Building Society has relaunched its expat residential and foreign currency products after withdrawing from the market in July.
Penrith Building Society said the re-entry came as a result of broker demand.
This includes a three-year discount rate expat residential purchase and remortgage deal at 80% loan to value (LTV) on a capital and interest payment basis, or 50% LTV for interest-only. This has a rate of 5.99%, 1.75% lower than the mutual’s current standard variable rate (SVR), and comes with a £1,499 fee.
The available loan size ranges from £50,000 to £450,000.
The corresponding foreign currency purchase and remortgage product has equivalent features.
Both products are available on a joint borrower sole proprietor (JBSP) basis.
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The mutual will pay a proc fee of 0.45% gross to mortgage brokers.
Tim Vigeon, head of product development at Penrith Building Society, said: “The society has a track record of identifying and developing products to meet the needs of customers [that] require manual underwriting and are not available via ‘high street’ lenders.
“Our new expat and foreign currency products come with an increased LTV of 80%, reduced minimum loan amount of £50,000 and interest-only option.”
Vigeon added: “Our expat residential product allows us to lend to UK expats living abroad wishing to buy a property in the UK to live in.”
Penrith Building Society will lend to applicants as long as they do not live in a country that is on the Financial Action Task Force (FATF) list and applicants who live in the EU, with the exception of Italy or Holland.
“We have seen more people living in the UK who are paid in a foreign currency for their pension or due to the nature of their occupation. Our foreign currency product allows applicants to be paid in more than one currency,” Vigeon continued.
