Mansfield Building Society has changed the criteria on its expat buy-to-let (BTL) offering by reducing its rental income requirements for consumer BTL and including expats who have lived overseas for more than five years.

Expat consumer BTL affordability has seen the interest coverage rate (ICR) lowered from 145% to 125% of the monthly mortgage payment calculated at 6.50% or 2% above the product pay rate.

The criteria available on expat property types has also been brought into line with recent enhancements across the wider BTL product range, which now encompasses 10-storey flats, including in city centres and above commercial units.

Mansfield Building Society intermediary sales manager Tom Denman-Molloy comments: “These new changes mean that we can be more accommodating for expats bBTL reducing the rental income hurdle for consumer BTL landlords and making ourselves available to landlords who have been expats for a more prolonged period.”