Skipton completes £100m of expat buy-to-let lending
Skipton International has completed £100m of buy-to-let lending to British expats since launching into the market in 2014.
A third (35%) of expats cited long-term investment as their main reason for investing in UK buy-to-let while other reasons included pension planning (19%), a desire to remain invested in UK property (12%), rental income and difficulties or reluctance to buy in their country of residence (both 10%).
Jim Coupe, managing director of Skipton International, said: “Our buy-to-let mortgages have been very popular with British expats around the world.
“In the past year alone we have seen demand grow hugely, especially from expats in Europe and from the Gulf region.
“British expats choose to invest in UK property for many reasons, however, for our clients, long-term investment potential is a very significant factor.”
Most (87%) overseas buy-to-let investors expect their rental income to increase or stay the same for the next 12 months, while 70% expect the value of their property to increase over that time period.
Coupe added: “There have been a few changes for overseas landlords over the past year such as the stamp duty levy on buy-to-let properties, and the removal of interest rate relief for landlords.
“However, the UK has continued to prove to be an attractive location for overseas investors, and as increasing demand for our mortgages shows, the vast majority of expats are still confident about investing in UK buy-to-let.”