Key Criteria

Expats and Overseas Residents remortgaging or purchasing Buy-To-Let properties in England, Wales or the Scottish mainland.

The application can be emailed or couriered to our office. Please note, as the application is for non-UK residents the documentation requirements may be more extensive than for similar applications for UK residents to other banks. Please see Packaging Guidelines for full information.

• Client
  1. Each applicant must be a passport holder and have their citizenship noted in the nationality section of their passport for a country not listed in Skipton International's Restricted Country List. 
  2. Each applicant must remain resident overseas and not planning to move to the UK in the near future.
  3. The client cannot be living, working in a country on our Restricted List. Please refer in relation to client's nationalities which will be reviewed separately. Please note Skipton lends to Australians living outside of Australia.
  4. The client is not a Chinese national residing in mainland China. This does not apply to residents of Hong Kong, Chinese nationals living outside mainland China or Expatriates working in mainland China.
  5. The client needs to have a UK bank or building society account from which direct debits can be arranged to pay their mortgage.  This must be opened prior to application. If they are not using a “major UK Bank” or an easily recognisable Bank or Building Society, they will need to provide an email confirmation from the Bank in question. They must confirm they can allow Direct Debits to be claimed from the account. Please note that we are unable to accept TransferWise/Wise accounts.
  6. Three months bank statements. This must show their salary / pension being credited and mortgages/ rent being debited (if applicable). The statements must detail account holder’s name(s), account number, narrative, debits, credits and running balances. See packaging guidelines for a full list of required documents.
  7. The client can never have been declared bankrupt, insolvent or equivalent and no action should be pending. They should never have entered into any arrangement with creditors or party to a voluntary arrangement. Should never had a property repossessed by a lender or entered into an arrangement for mortgage arrears. They should also not have an unsatisfied court order or have any such actions pending.  If a court order has been satisfied, we will look at this on a case by case basis.
• Portfolio Landlord

  Once an applicant owns, or will own as a result of their proposed purchase(s), four or more mortgaged Buy-To-Let properties, they are classified as a "Portfolio Landlord" by Skipton International. One residential mortgage can be ignored. Any further residential properties/holiday homes will be viewed as Buy-To-Let properties. 

  If you are a Portfolio Landlord as defined above, Skipton requires any properties within the portfolio to meet Skipton International’s Buy-to-Let affordability criteria. This means that rental income must provide a minimum of 125% interest cover, when interest is calculated on total borrowings at a rate of 7.24%. This calculation is applied to all Buy-To-Let properties mortgaged outside Skipton International on a collective basis. In the event of a rental shortfall, the application will be declined.

  In addition:

  • Skipton International can offer a maximum of 5 Buy-To-Let mortgages to any one client.
  • Skipton International is unable to accept applications from clients who have or will have at the end of this transaction more than 10 Buy-To-Let properties.
  • Skipton International will allow a maximum of 3 Buy-To-Let properties, within the whole portfolio, to be held within any 1 post code district, e.g. SW1. In the event of more being held, the application will be declined.

  The above is not exhaustive just a guide.

• Income Confirmation

  Clients can be employed, self-employed or pensioners. Income must be from one source only. Earned income with the exception of pension income cannot be subject to UK income tax.

  Employed Income Application

  Sole Application
  We require your sole basic earned income (not including commission, overtime or bonuses or pension income) to achieve a minimum of £50,000 p.a or equivalent if paid in local currency.

  Joint Application
  We require your joint basic earned income (not including commission, overtime or bonuses or pension income) to achieve a minimum of £80,000 or equivalent if paid in local currency.

  Additional employed criteria
  Certain guaranteed allowances may contribute towards this figure. Any probationary period must be passed prior to applying. Earned income with the exception of pension income cannot be subject to UK income tax.

  Please provide the following documents in English. We can also accept certified translated documents from an easily identifiable, fully qualified translator.
  • Letter from employer confirming income, position and term of employment / or pension contract
  • 3 month salary slip

  Self-Employed Income Confirmation (if applicable)

  Sole applications
  If an applicant is self-employed, can you provide evidence that annual income is in excess of £75,000 p.a. or equivalent if paid in local currency. Any earned income cannot be subject to UK income tax

  Joint applications
  If an applicant is self-employed, the joint application minimum income is £100,000 p.a or equivalent if paid in local currency. Any earned income cannot be subject to UK income tax.

  Additional self-employed criteria
  If self-employed you must be trading for a minimum of 2 years, please supply a fully completed accountant certificate (which can be found here). Self-employed applicants can appoint a local fully qualified accountant working in an accountancy firm with a minimum of two partners. The firm and accountant must be:
  - Clearly identifiable
  - Suitably qualified (local equivalent of ACA, FCA, ACCA, FCCA, IPFA or ICAS)

  Alternatively, self-employed applicants can provide the last year’s final income tax assessment (where written in English). If you supply Tax assessments to confirm your income, you will also need to complete the Business Questionnaire.

  Pension (if applicable)

  If in receipt of pension income, a sole applicant must have a minimum income of £50,000 p.a or the equivalent if paid in local currency. This can be made up from different pensions, but not a combination of earned and pension incomes.

  For a joint application minimum £80,000 p.a or equivalent if paid in local currency. Each applicant can only have one stream of income (pension/earned income).

  Pension income can be subject to U.K. income tax if the clients have retired abroad and can be from more than one pension provider.

• Mortgage

  1) We support mortgages on properties in England, Wales, Scottish mainland and the Channel Islands. Please note Skipton International does not lend on properties located in Northern Ireland, Isle of Man or the islands of Scotland

  2) Minimum mortgage of £200,000 and maximum exposure per client, together with connected persons, of £5m.

  3) The maximum age of applicants at the start of the mortgage is 69 and maximum age at expiry of mortgage is 84. 

  4) The maximum mortgage term is 35 years subject to point 3.

• Property

  1) The property must be for Buy-To-Let purposes and neither the borrower nor their family can live in the property during the original product period.

  2) The property cannot be on our Properties that Skipton cannot offer Mortgages against list.

  3) Consumer Buy-To-Lets are acceptable.

  4) The property must be let on a suitable Assured Shorthold Tenancy agreement (or a Private Residential Tenancy agreement if in Scotland) and not be used as a holiday let or HMO.  Please refer to our property letting requirements documents for further information.

  Property Letting Requirements (England and Wales)
  Property Letting Requirements (Scotland)

  5) The property needs to have been owned by the existing owner for a minimum of 6 months (this applies to purchase/remortgage/equity release or further borrowing). Inherited property is not subject to this 6 months as long as Probate is complete and a letter from the solicitor dealing with the estate confirms that the customer has inherited the property.

  Earned income with the exception of pension income cannot be subject to UK income tax