Skipton International has revealed that it received over £500 million of expat mortgage enquiries for UK buy-to-let property in the first seven months of the year.
Figures to the end of July 2017 show a 130% increase in enquiries for expat mortgages compared to the same period in 2016.
24% came from British expats in the United Arab Emirates (UAE). The other top five countries for expat enquiries included the USA (12.5%), Hong Kong (9%), Singapore (7.5%), and Switzerland (6%).
Nigel Pascoe, director of lending at Skipton International, said: “This is an increase of over 130% on total enquiries compared to the same period last year and enquiries from all of the top five countries have at least doubled in size.
“Despite changes for buy-to-let landlords such as the phasing out of interest rate relief, buy-to-let investments have continued to prove popular with growing number of British expats looking at ways to secure long term investments in the UK.”
Skipton International launched the UK mortgages in 2014 in response to the difficulties many British expats faced securing loans on investment property in England and Wales.
Pascoe added: “Online enquires make up a significant part of our business, with growing number of expats choosing to find out about what they can borrow through our online mortgage calculator.
“Being able to get an agreement in principle straight away online makes it easier for potential investors to plan their purchase from anywhere in the world.”
