Skipton International expat mortgage customers to benefit from base rate drop
Skipton International will be passing on the full base rate drop by reducing the UK Standard Variable Rate (SVR) for its mortgages by 0.25%.
From 1 September 2016, the UK SVR for Skipton International buy-to-let mortgages will go down from 5.25% to 4.99%.
Last week’s Bank of England rate cut saw the Base Rate drop from 0.5% to 0.25%, the first move in the base rate since 2009.
Jim Coupe, Managing Director, Skipton International, said: “We are delighted to be able to pass on the Base Rate change to our UK SVR and Discount mortgages. Buy-to-let continues to prove a popular investment for British expats, and while the majority of customers buy UK property for the long term investment potential, this rate cut will no doubt be well received right now too.”
A survey by Skipton International earlier this year found 87% of overseas Buy-to-let investors expect their rental income to increase or stay the same for the next 12 months, while 70% of investors expect the value of their property to increase over the next 12 months.
Since launching expat buy-to-let mortgages in 2014, Skipton International has helped nearly 500 British expats secure investment properties in the UK.
Skipton created the buy-to-let mortgage in response to the difficulties overseas investors face when taking out mortgages on rental property. Earlier this year Skipton opened up their mortgages to self-employed applicants, while expanding their eligible country list to assist even more British expats.
Skipton International also offers a range of savings accounts, with competitive interest rates, for UK expats in over 100 countries. The Guernsey-registered bank won the Moneyfacts Award for Best Offshore Account Provider 2016, a category it was also Commended and Highly Commended for in 2014 and 2015.
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Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders.
In 2014 Skipton International launched a range of mortgages for British expats looking to purchase a Buy-to-let property in the UK. For more information on Skipton International please visit www.skiptoninternational.com
Skipton International was recently named Guernsey Business of the Year at the Awards for Achievement. The bank has been at least commended by Moneyfacts for the past six years, winning on three occasions while independent research from Feefo shows 95% of customers rate Skipton’s service as Good or Excellent.