Penrith Building Society has re-entered the expat residential and foreign currency market following the society’s withdrawal in July.
The products come with an increased loan-to-value (LTV) at 80%, a reduced minimum loan of £50,000, as well as an additional interest only option.
Both products will be available on a Joint Borrower Sole Proprietor (JBSP) basis and come with a proc fee of 0.45%.
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 which require manual underwriting and are not available via high street lenders.
“Our new expat and foreign currency products come with an increased LTV, reduced minimum loan amount and interest only option.
“Our expat residential product allows us to lend to UK expats living abroad wishing to buy a property in the UK to live in.
“We can lend to applicants providing they don’t live in a country that is on the FATF list as well as applicants who live in the EU (with the exception of Italy or Holland).”
He added: “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.
“Both products are also available on a Joint Borrower Sole Proprietor basis.”
