Skipton International cuts expat BTL rates

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  • 12/11/2020
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Skipton International cuts expat BTL rates
Skipton International has cut rates on two products for overseas buyers looking to invest in UK buy-to-let (BTL) property.

 

The deals are available for loans above £750,000, have a maximum loan to value (LTV) of 70 per cent, the maximum term is 35 years, and mortgages must be repaid by age 85.

The pair of new deals are a three-year base rate tracker at 2.49 per cent and a five-year fix at 3.24 per cent.

The lender highlighted that while it was committed to the highest possible standards of service, it warned the process could become more protracted than normal at present.

It said: “With the UK government’s stamp duty holiday ending on 31 March 2021, anyone considering the purchase of a buy-to-let property will need to start the ball rolling soon if they are to take advantage of the opportunity.

“In addition, a two per cent foreign resident Stamp Duty Land Tax surcharge is due to come into effect on 1 April 2021.

“If a property purchase was to complete prior to the 31 March 2021, overseas resident purchasers could generate as much as a £25,000 saving on a property purchased at £500,000,” it added.

Last month, specialist buy-to-let lenders and advisers suggested that a cut-off date of around the middle of January would be necessary for UK-based transactions to potentially complete in time to meet the deadline.

 

High value interest

Roger Hughes, business development manager at Skipton International, agreed the lender had been kept incredibly busy since the Stamp Duty Land Tax holiday was announced.

“Purchase values have spanned all spectrums, but we are receiving a number of enquiries from potential buy-to-let owners for properties valued at £750,000 and above,” he said.

“This new discounted offering gives purchasers more choice and flexibility, and our mortgage team looks forward to receiving more enquiries.”

 

 

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