For both products, the society has a limited distribution model and it accepts mortgage applications from all intermediaries based its heartland area (Cumbria, Yorkshire, Tyne & Wear, Northumberland, Durham & Lancashire).
Nationally, applications are accepted from appointed representatives of Mortgage Advice Bureau, Sesame, The Right Mortgage Network, directly authorised advisers who are members of PMS Diamond Club and a number of selected intermediary partners.
The expat holiday let is available to non-owner occupiers, first-time buyers and/or first time landlords; clients must also earn an income of £40,000.
It offers a maximum loan-to-value (LTV) of 70% on a 3-year fix at 4.25%. Applications are assessed on average of low, medium and high season rental yield.
There is an application fee of £249, product fee of £1,350 and a variable valuation fee.
The maximum loan is £500,000, it is available for purchase and remortgage, AirBnB is permitted and clients can occupy the property for up to 60 days per year.
Meanwhile, the multi-unit mortgage is available for properties where a proportion of the main property or a separate dwelling, for example an annexe, will be let out.
Long-term leases, licences and commercial letting are not acceptable and at no point can the full property be rented out and at least 40% of the overall floor area must be used as a residential dwelling on an owner-occupancy basis.
Houses of Multiple Occupancy (HMOs) are not acceptable, the maximum LTV on capital repayment is 80% and the maximum LTV on interest only is 50%.
The product available is a 3-year discount with a pay rate of 3.49%, there is an application fee of £249, product fee of £800 and a variable valuation fee.
The maximum loan value is £500,000 and it is available for purchase and remortgage.
Ed Appleby, head of intermediaries at Penrith Building Society, said: “The society has offered residential and buy-to-let mortgages for expats for several years.
“This new expat product was designed to offer expats the opportunity to take advantage of the current staycation boom in the UK.
“Our expat holiday let mortgage is competitively priced and the eligibility criteria is very generous – with first-time buyers, first-time landlords and non-owner occupiers eligible to apply.
“Brokers may struggle with unusual properties that feature more than one kitchen or have a self-contained annexe. Our multi-unit mortgage is perfect for clients looking to purchase or remortgage a home with an annexe or more than one unit on the same title.
“It is important to clarify that this is not for houses of multiple occupancy or where there is a commercial element to the dwelling. If you’re unsure whether a property would meet our criteria, then get in touch and we’d be happy to assist!”
