Record breaking month for Skipton International
Skipton International has seen a 47% increase in enquiries for buy-to-let mortgages from British expats around the world.
Record number are applying for the mortgages which allow British expats to invest in UK property. February 2017 was the busiest month ever for Skipton International with enquiries from expats in over 50 countries so far this year..
Skipton International launched buy-to-let mortgages in 2014 in response to the difficulties many British expats faced when trying to invest in buy-to-let property in England and Wales. Since then, the Guernsey-registered bank has completed over £160 million of expat loans, on more than 800 mortgages and has had enquiries from every continent in the world.
Nigel Pascoe, Director of Lending, Skipton International, said: “February was a record month for us, with a 47% increase in enquiries on January 2017, which was also a record month. Activity levels have varied in different countries, with particularly large rises in the Gulf Region, with a 70% increase in enquiries from British expats based in the United Arab Emirates.
“In January we experienced a 26% increase in applications from Singapore, and an incredible 250% rise from Hong Kong in comparison to January 2016.”
The figures follow on from a hike in applications for UK buy-to-let mortgages from British expats last summer following the Brexit vote, and the subsequent devaluation of the pound.
Nigel said: “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. Investors can benefit from long term capital gains, while servicing their mortgage from rents paid in the local currency.”
London remains the key place to invest. Up to 40% of Skipton International’s expat mortgage customers are investing in buy-to-let property in Greater London, with another 25% in the South East of England. Just 10% of British expats purchasing property to rent out are investing in either the South West or the North West of the country.
Skipton International won Best Offshore Account Provider 2016 at the Moneyfacts Awards; the third time Skipton has won a Moneyfacts Award, and the bank has been commended, highly commended, or has won an award for the past seven years.
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