Buy-to-let mortgage enquiries from British expats in the UAE up 70%
Skipton International has seen a 70% increase in enquiries for its buy-to-let mortgages from British expats in the United Arab Emirates (UAE).
Record number of expats in the Gulf state are applying for the mortgages which allow British expats to invest in UK property, with February 2017 the busiest month ever for Skipton International.
Globally Skipton saw a 47% increase in enquiries last month, compared to the previous record month. This year we have received enquiries from expats resident in over 50 countries.
Skipton International launched buy-to-let mortgages in 2014 in response to the difficulties 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.
Nigel Pascoe, Director of Lending, Skipton International, said: “Mortgage enquiries from British expats in the United Arab Emirates has been particularly strong this year, with February up 70% on our previous record month.”
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. Since launching our Expat mortgages, the United Arab Emirates has been a significant source of applications and as proven by our latest figures, demand from the Gulf region continues to grow.
“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.
Try our Expat Mortgage Calculator and see how much you could borrow.