Expat buy-to-let mortgages on rise, says lender
Skipton International has seen a dramatic jump in applications for its buy-to-let mortgages from Brits based in Spain.
The Guernsey-registered bank said that it has received more web enquiries for buy-to-let mortgages from British expats based in Spain, in the first three months of 2016, than in whole of 2015.
Skipton International said that it originally created the buy-to-let mortgage in response to the difficulties overseas investors face taking out mortgages on rental property.
Earlier this year Skipton opened up the mortgages to self-employed expats and to British expats resident in more countries around the world.
Jim Coupe, managing director, Skipton International, said: “We have seen a big rise in the number of enquiries for buy-to-let mortgages from British expats resident in Spain.
“Demand for our expat buy-to-let mortgages has been growing steadily since we launched them in 2014. We have extended our offering by opening the mortgages up to retired and self-employed British expats, whilst extending our eligible country list to accommodate more Brits around the world.”
According to figures from the United Nations, more than 319,000 British expats live in Spain, making it the most popular destination in Europe for British expats, followed by Ireland with 249,000, and France with 171,000 British expat residents.
Since launching expat buy-to-let mortgages in 2014 Skipton International said that it has helped more than 400 British expats secure investment properties in the UK.