Skipton offer expat buy to let mortgages on selected UK properties

Published:  15 Jul at 6 PM
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Skipton International, the offshore Channel Islands base of the well-known high street building society, is now offering expat mortgages on UK buy-to-let properties.

Including UK buy-to-let options in expat pension planning has traditionally been tricky for those requiring mortgages, but the recent rise in UK property prices has encouraged a few offshore banks to offer the service. Skipton is the latest to jump on board with its plan for UK citizens living and working overseas.

The scheme is available to native UK citizens only, and restricted to properties in England and Wales. Applicants must be living overseas and continue to do so until the mortgage term expires, thus permanently excluding the property from use as a family home after ceasing to work abroad.

The property must conform to Skipton’s ‘acceptable’ list, and the amount borrowed must be between £100,000 and £1.5 million and no more than 75 per cent of the property valuation. Annual income requirements start at £40,000, and a UK bank account is needed along with six months’ proof of salary payments and a host of other paperwork.

Only international company employees may apply, and a proveable credit and residential history is mandatory. Retired or self-employed applicants will not be considered, and applications from expats living and working in a list of almost 100 countries including much of sub-Saharan Africa, Indonesia, Thailand, South Korea, the Philippines, South Africa, Saudi Arabia, the UAE, Turkey and Argentina are also excluded.

Properties not considered eligible for the new mortgages include Grade I listed buildings, apartments on the fifth floor or higher with no lifts and flats in ex-local authority blocks with more than five floors and 48 units. Also disallowed are studio flats, mezzanine flats and flats with deck access.
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Comments » There is 1 comment

Derek Frost wrote 9 years ago:

"Up to 75% LTV" says it all, as they'll only advance 50% on £1Mil+ properties, AND they don't pay Proc Fees!

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