A company which specialises in offering UK mortgages for overseas buyers says there has been an unprecedented increase in the number of British expats inquiring about buying a home in the UK.
According to Skipton International, enquiries for its Expat Mortgages from British expats living in Spain alone have trebled against figures from 2016, as investors look to make the most of the weak pound.
In addition to favourable currency exchange rates, appealing interest rates and the fact the UK property market is seen to offer long term growth is helping to drive the buy-to-let market.
Even recent changes to legislation affecting landlords and the rise of UK stamp duty have done little to deter British expats from continuing to look towards UK property. Buy-to-let properties are increasingly being considered a great way for expats to receive regular additional income, Skipton state.
“Obtaining an expat buy-to-let mortgage can be difficult abroad, so we are looking to make the process as simple as possible for those outside of the UK, providing a quick decision and a friendly, informative service,” said Nigel Pascoe, Director of Lending at Skipton International
United Nations estimate that there are around 1.3 million British expats living in Europe, with the largest number of these (309,000) residing in Spain.
Article published 9th January 2018