Skipton International has eased its lending criteria and started offering UK buy-to-let mortgages to foreign nationals. The lender previously restricted lending to British passport holders working overseas.
To qualify, prospective clients will need to have a UK bank account in place to service the mortgage repayments and collect the rental income.
Skipton offers a three-year tracker rate and a five-year fix and typically charges a £1,999 arrangement fee. The minimum loan size is £100,000, and the maximum loan size is £3 million.
Skipton has a long list of countries it will not accept applications from although it is shorter than it used to be. The society will also lend Australian nationals living and working outside of Australia, and regularly receives applications from clients residing in Dubai, Hong Kong, and Singapore.
There is a minimum qualification income equivalent to £50,000 or £75,000 if they are self-employed. Applications will need to have a deposit of at least 25%, and the mortgage is available for purchases and remortgages.
Aaron Strutt, product director at Trinity Financial, says: “Skipton International is known for lending to British expats, but it has expanded its lending criteria over the last year. Other recent changes include lending on Scottish properties and studio apartments with a purchase price of £250,000 or higher.”
Skipton can provide mortgages in as little as 16 days from application to drawdown. The lender can provide an agreement in principle decision in writing if borrowers need to show an estate agent they can purchase a property.
Call Trinity Financial on 020 7016 0790 to secure a foreign national mortgage