The product is available on non-resident properties in England and Wales that are either currently let or will be let. Neither the applicants nor their families can reside at the property.
The mortgage is accessible to borrowers from a specific list of countries including China, the Middle East, Turkey, Malaysia, and Thailand, providing a more attractive option compared to the standard rates in these regions, which are above 8.5%.
“International buyers continue to look to UK housing stock as an attractive asset class, with London the valuable centre point,” said Conor Murphy (pictured), chief executive and founder of Capricorn Financial Consultancy.
“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.”
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