Products in Skipton’s buy-to-let range for expats are a three-year discount mortgage and five-year fixed rate, both up to 75% loan-to-value (LTV).
Its three-year discounts come at 2.99% and 3.74%, with a minimum loan size of £300,000 and £100,000, respectively. The lender’s five-year fixed rate products come at 4.24% and 4.74%, with a minimum loan size of £300,000 and £100,000, respectively. Both deals are available for purchase and remortgage.
Annual rental income of 125% at 6% is required, unless the five-year fixed rate is selected for which the rental income is required to be 125% of the product pay rate.
Nigel Pascoe, director of lending, Skipton International, said: “We are delighted to be able to help British expats in the Caribbean island invest in UK buy to let. We have seen growing demand from British expats around the world and we hope to continue opening up the mortgages when possible.
“UK buy to let remains a very popular long term investment for British expats. We saw a large increase in applications following the devaluation of sterling last autumn, with expats viewing it as an opportunity to use foreign savings to buy UK property. This demand has continued into 2017, with January being particularly busy.”
According to findings by Skipton International, up to 40% of expat mortgage customers in Greater London are investing in buy-to-let properties, with 25% in the South East.