Hanley Economic Building Society has entered the ex-pat buy-to-let mortgage market.

The building society has launched its first product within this range, which is an 80 per cent LTV with an indefinite variable discount of 1.95 per cent giving an initial rate of 3.49 per cent.

The offering includes a £250 application fee, a £500 product fee and a maximum loan size of £500,000.

Furthermore, the interest cover ratio is 145 per cent of the society’s stressed interest rate.

Hanley Economic Building Society head of marketing and business development David Lownds says: “We recognise that the ex-pat marketplace is currently underserved by the wider lending community and, after undertaking substantial due diligence and extensive intermediary feedback, have moved into this area to help provide additional choice for our intermediary partners and their expat clients.

“Our manual underwriting team will look at each case on its own merit and incorporate a flexible approach which can be useful for overseas clients and their shifting borrowing requirements in the current political and economic climate.

“This approach and support will also help intermediary partners to get to grips with the complexity and intricacies attached to this area of lending and expand their BTL offering accordingly.”