Bank Sees Demand Soar for Expat Buy-to-Let Mortgages

by Ray Clancy on February 10, 2015

British expats looking for a buy to let property can often find it hard to get a mortgage but one provider has reported a surge in successful applications.

According to Channel Islands based Skipton International, its expat buy to let mortgages look set to eclipse local lending during 2015, following their launch last July.

It has seen the fastest new business growth rate in the bank’s history, proving popular with those looking to invest back home.

Demand for buy-to-let mortgages looks set to continue into 2015

Since the launch of our expat mortgage proposition in August 2014, the number of applications received and their value has already surpassed both the firm’s Jersey and Guernsey new business pipelines.

The lender added that demand looks set to continue into 2015. Managing director Jim Coupe said last year was a record year for the bank and applications from expats in the Middle East and Asia have been particularly strong.

‘For 2015 we remain fully committed to the Channel Islands, and our local customers, while also expanding our overseas business reach through expat mortgages and more international savings accounts,’ he explained.

‘We are recognised worldwide for our personal customer service and transparent, honest communications when it comes to the savings side of our business, and customers are now keen to develop that relationship with their property investments,’ he added.

The bank cannot offer mortgages to British expats buying UK property who intend to eventually live in it as that brings it under UK mortgage regulation, instead these are for investment purposes.

It sources a lot of business through UK mortgage brokers with overseas clients and there’s a lot of interest in investing in properties in and around London and the South East, although many people want to buy in wherever their hometown is.

The bank has a minimum investment of £100,000 and maximum of £1.5 million, with mortgage deals coming fee free until 13 February.

 

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