Skipton International extends expat lending to Scotland

Skipton International extends expat lending to Scotland

19th March 2018

Skipton International is expanding its expatriate mortgage proposition, now accepting applications for buy-to-let lending on Scottish mainland property. Following the enormous success of its expat lending proposition, Skipton has decided that the timing is right to offer buy-to-let mortgages on Scottish property.

Previously, Skipton only offered buy-to-let mortgages to British expats wanting to invest in England or Wales. Skipton is now able to lend to expats on properties north of the border.

For an estimate of how much you may be able to borrow, visit Skipton’s online mortgage calculator www.skiptoninternational.com/expat-mortgage-calculator

Average rental returns in areas of Scotland are currently outperforming the rest of England. London rentals have seen a drop from 3.6% yield to 3% over the last year, with returns rising as you head further north, up to 5.5%. In comparison, rental opportunities in Scotland are offering landlords between 7-8% yield.

Property market analysts, Hometrack, have identified Edinburgh as the city with the fastest growing house prices in the UK. The average value of homes has risen by 7.7% over the year to January 2018, compared to only 1.6% increase in London.

Nigel Pascoe, Director of Lending at Skipton International, said: “Property lending for British expatriates was always an area we considered to be underserviced, and in particular there are only a handful of lenders that would lend on Scottish property to British citizens aboard. As an offshore lender, we have become specialists in servicing the expatriate market and feel that our buy-to-let packages could particularly appeal to those wanting to purchase Scottish mainland properties, as well as those in England and Wales.

“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”

Skipton International will be offering buy-to-let mortgages on Scottish properties on the same terms and conditions as its existing proposition for England and Wales. Skipton launched its range of mortgages for British expatriates in 2014 after servicing the banking needs of expatriates for many years. Alongside its lending services, Skipton offer a range of offshore savings accounts to Channel Island residents and British expats in over 100 countries.