Skipton International (skiptoninternational.com) has joined a small band of lenders which will consider approving buy-to-let mortgages to working British expats on property in England and Wales.
The lender, based in the Channel Islands is among the largest expat savings institutions. It says it has listened to its customers and has come up with a new mortgage range.
Applicants must be UK expats in work abroad with an income of at least £40,000 or the equivalent of £50,000 minimum if paid in a currency other than sterling. Self-employed and retired people are excluded.
Only properties in England and Wales are eligible. It will not lend to anyone who intends to live in the mortgaged property when they return to the UK – the loans are for “genuine investment properties” only.
The maximum loan on offer is to the value of 75% on residential properties for buy-to-let. The minimum loan size is £100,000.
Kent Reliance (krbs.com) began last year to offer mortgages for UK expats temporarily living abroad.
Another lender with offers to expats is National Counties Building Society (ncbs.co.uk) for both buy-to-let or to expats who plan to visit the property regularly.
For buy-to-let, the borrower must have a minimum income of £20,000 (not necessarily in sterling) and a current UK mortgage and current account. The maximum loan to value is 60% and the minimum loan amount is £150,000.
