Skipton International to offer expat mortgages in Scotland
Offshore Bank Skipton International is to extend its expatriate buy-to-let mortgage offers for residential properties in Scotland, the news follows a year of strong house price growth in Edinburgh.
20 March 2018
Skipton International is expanding its expatriate mortgage proposition, now accepting applications for buy-to-let lending on Scottish mainland property. Following the enormous success of its expat lending proposition, Skipton has decided that the timing is right to offer buy-to-let mortgages on Scottish property.
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“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”Nigel Pascoe, director of lending at Skipton International, said, “Property lending for British expatriates was always an area we considered to be underserviced, and in particular there are only a handful of lenders that would lend on Scottish property to British citizens aboard.“As an offshore lender, we have become specialists in servicing the expatriate market and feel that our buy-to-let packages could particularly appeal to those wanting to purchase Scottish mainland properties, as well as those in England and Wales.“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”
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Expats seeking residence in Scotland
Previously, Skipton only offered buy-to-let mortgages to British expats wanting to invest in England or Wales. Skipton is now able to lend to expats on properties north of the border.Average rental returns in areas of Scotland are currently outperforming the rest of England. London rentals have seen a drop from 3.6 per cent yield to 3 per cent over the last year, with returns rising as you head further north, up to 5.5 per cent. In comparison, rental opportunities in Scotland are offering landlords between 7-8 per cent yield.Scottish UK housing market booms
Property market analysts, Hometrack, have identified Edinburgh as the city with the fastest growing house prices in the UK. The average value of homes has risen by 7.7 per cent over the year to January 2018, compared to only 1.6 per cent increase in London.Related stories:
- UK housing market roundup and predictions for 2018
- Scottish cities lead way on property price rises
- Relocating in the UK: where best for quality of life?
“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”Nigel Pascoe, director of lending at Skipton International, said, “Property lending for British expatriates was always an area we considered to be underserviced, and in particular there are only a handful of lenders that would lend on Scottish property to British citizens aboard.“As an offshore lender, we have become specialists in servicing the expatriate market and feel that our buy-to-let packages could particularly appeal to those wanting to purchase Scottish mainland properties, as well as those in England and Wales.“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”
For related news and features, visit our International Assignments section. Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.
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