Britons who have retired abroad can now take advantage of the UK’s buy-to-let market after an offshore bank announced an extension of its lending to expats.
Skipton International, which is registered in the Channel Islands, launched expat buy-to-let mortgages last year, but in response to customer feedback, will now also take applications from retired British expats.
Nigel Pascoe, Skipton International’s director of lending, said the bank is aware that there are many retired expats with good pension incomes who are looking to diversify their portfolios with a buy-to-let property in the UK, and the extension is a really positive addition to its mortgage portfolio.
“Our mortgages have already been well received by expats working abroad,” he said.
“Now those enjoying retirement away from Britain can also invest in bricks and mortar in England and Wales to take advantage of the long-term price inflation in the property market there.”
British retirees with a minimum pension income of £40,000 and a maximum age of 70 can apply for the scheme, subject to the expat mortgage standard terms.
Skipton International has been servicing British expats across the globe for 20 years, and said it launched its expat mortgage range in response to the difficulties expats faced in accessing financial products in the UK.