Skipton International launches expat buy-to-let mortgages
Skipton International has launched a range of fixed and tracker rates designed to help British expats secure buy-to-let mortgages in the UK.
There are not a huge amount of banks offering straight forward expat buy-to-let mortgages, so the lender is providing welcome competition in this more limited market.
Skipton International - a subsidiary of the building society – is offering a three-year buy-to-let fixed rate at 4.99% and it has a 0.75% arrangement fee. The APR is 5.2%.
Expats will need to put down a 25% deposit to qualify for the rate and the maximum loan size is £1.5 million. After the fixed rate period the mortgage reverts to their standard variable rate plus 0.25% - currently 5.24%.
Aaron Strutt, product manager at Trinity Financial, says: “Skipton has another fixed rate and a discounted deal to choose from and the rates are reasonably competitively priced.
“Skipton will work out how much they will lend based on the amount of rent the property generates and the rental calculation is 120% of 6.49%. They also prefer lending to employed applicants although some of the other lenders aren’t as picky.”
If you would like to secure an expat mortgage, call us on 020 7016 0790.
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