Back in 2016, the EU referendum and subsequently weakened pound resulted in overseas residents getting a significant discount on UK investment properties.
Today, it’s the attraction of higher yields, coupled with support from UK lenders keeping investors interested in the market.
The combination of price discount, a weakening residential market and attractive yields are an appealing proposition for overseas investors, especially when compared to the low returns on investment properties in Singapore and Hong Kong.
Capitalising on the growing investment in the UK market by overseas residents, Skipton International has launched a remortgage deal for the British expat and foreign national market to better serve this growing customer base.
Best buy-to-let option
Currently, the Skipton International deal is the best offer available on a UK buy-to-let remortgage for overseas residents, as it includes a refund of Skipton’s application fee of £999 if the remortgage completes within one month of receiving the application. This refund equates to the applicant benefiting from a free valuation, free legal fees and no arrangement fee.
Roger Hughes, business development manager at Skipton International, said: “With strong demand from overseas residents for UK buy-to-let mortgages, we are always looking for opportunities to make our mortgage proposition more attractive.”
He added: “This offer helps us be one of the most competitive players in the buy-to-let market for overseas residents.”
Giving investors options to expand UK property portfolios
For investors seeking to expand their UK property portfolios, Skipton’s new deal is applicable on any remortgage application including where clients wish to release equity to purchase a further property.
This offer is undoubtedly in response to an expanding market in the north of England which offers yields of 5-6% and has seen cities such as Manchester and Birmingham soar in popularity. This is the case for Middle East and Far East investors specifically seeking more attractive returns and capital growth.
Investors wanting to take advantage of Skipton’s remortgage deal should move now, as it only applies to applications received by the end of March.