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Buy-to-let applications from overseas soaring ‒ Skipton

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  • 05/09/2019
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Buy-to-let applications from overseas soaring ‒ Skipton
Skipton International, the subsidiary of Skipton Building Society which offers offshore mortgages, has reported that despite the Brexit uncertainty interest in buy-to-let from overseas borrowers is increasing.

 

The lender said that year-on-year enquiries were up by 43 per cent, while applications for the year to the end of July were up by 42 per cent on the previous 12 months.

The value of those enquiries is also on the rise ‒ Skipton said that the enquiry value received in 2019 so far has already surpassed the total for 2018.

It noted that London and the South East were the most popular locations for borrowers either looking to buy or remortgage, though it added that demand was also on the rise in Scotland.

Roger Hughes (pictured), Skipton International business development manager, pointed to the devaluation of the pound since the Brexit vote as having reduced the up front cost of buying in the UK if borrowers are earning or have savings in a foreign currency.

He continued: “Once the property has been purchased, the rental income will be paid in sterling which removes most of the currency risk in maintaining the UK mortgage.

“We believe many overseas residents are considering UK property good value at present, which is resulting in Skipton International receiving record levels of applications.”

 

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