Skipton International has re-entered the UK buy-to-let purchase property market making it easier for overseas buyers and expats to secure mortgages.
Skipton International was pretty quick to start accepting remortgage applications after it stopped lending using automated property or desktop valuations to work out how much properties are worth. However, the lender is only accepting applications for buy-to-let properties in England because of the lockdown restriction in Wales and Scotland.
Aaron Strutt, product director at Trinity Financial, says: “To qualify for a Skipton International mortgage each applicant must remain resident overseas, and they cannot reside in the property in the future. The client needs to have a UK bank or building society account from which direct debits can be arranged to pay their mortgage, and this must be opened before an application is submitted. Landlords will need a 40% deposit to qualify, and the maximum number of properties in a clients portfolio is capped at five.
"If applicants are employed, they must be working for a clearly identifiable, well-established employer and earning at least £40,000 per annum or the equivalent of £50,000 per annum if paid in local currency. Self-employed applicants will need to use a fully qualified accountant working in an accountancy firm with a minimum of two partners to prove their income. Alternatively, self-employed applicants can provide the last years final income tax assessment when they are in English."
The minimum mortgage loan size is £100,000 and maximum exposure per client, together with connected persons, is £3 million. The maximum age of applicants at the start of the mortgage is 69, and the maximum age at the expiry of mortgage is 84. The longest mortgage term is 35 years subject to the age limits.
Call Trinity Financial on 020 7016 0790 to secure an expat or foreign national mortgage
Skipton offers a three-year tracker rate or a five-year fix property purchases and remortgages. Applicants will need a 40% deposit to qualify.
For mortgages over £250,000, the three-year rates track the Bank of England base rate plus 3.14% giving a pay rate of 3.24% and the APRC is 5%. For mortgages between £100,000 and £250,000, the rate is the Bank of England base rate plus 3.89% and the APRC is 5.2%.
For mortgages over £250,000, the five-year fixed rate is 3.99% with an APRC of 4.9%, although the rate for mortgages between £100,000 and £250,000 is 4.74% with an APRC of 5.4%.
Early repayment charges apply and the arrangement fee is £2,999 for all purchase applications and £1,999 for
Skipton International's UK buy-to-let follow on Rate is currently 4.99%.
Skipton International says that it is offering the best value for money re-mortgage product in the UK expat and foreign national market.
The lender's UK buy-to-let remortgage application fee of £999 will be refunded provided the mortgage completes within one month of Skipton International receiving the initial application. Applications that complete within a month will, therefore, benefit from a free Survey, free Legals, and no fee.
Skipton started offering multi-occupancy properties for overseas landlords letting properties to students or professionals before the coronavirus lockdown.
The lender caps the maximum number of letting rooms at four and the location of any student multi-occupancy property must be within five miles of a recognisable UK university.
Applicants must have a minimum annual income of £50,000 to qualify if they are employed or £75,00 if they are self-employed and they must have two years’ experience as a landlord.
The property being purchased or re-mortgaged must be managed by professional managing agents and there can be one or multiple AST agreements. The scheme was made available for properties in England and Wales.