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Channel Island-based bank sees rise in demand for buy-to-let mortgages among expats
| Published: | 12 Feb at 6 PM |
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Expat buy-to-let mortgages are on course to surpass local lending at the Channel Island-based bank Skipton International this year after only launching midway through 2014.
British expats looking to purchase property often have problems getting a mortgage, but Skipton reports that the expat mortgage scheme is recording the fastest new growth rate the bank has ever seen.
Managing director Jim Coupe explained that since launching the expat mortgage programme in August, the number of applications and their combined value has already overtaken the company’s new business pipelines in Guernsey and Jersey.
He said that 2014 was a record year for Skipton and applications from Asia and Middle East-based expats had been particularly strong. He went on to that they were forecasting another strong year in 2015, but insisted they remained fully committed to their local customers and the Channel Islands.
Coupe said that by offering expat mortgages and international savings accounts, they were capable of expanding their overseas business reach. He noted that the bank was recognised across the globe for its customer service and honest communications in relation to savings, and that it was now time to ensure they could achieve a similar reputation in terms of property investment.
Skipton International cannot provide mortgages to UK expats buying British property they intend to live in because the sale would be under Britain’s mortgage regulation. Therefore, it provides mortgages for investment purposes.
British expats looking to purchase property often have problems getting a mortgage, but Skipton reports that the expat mortgage scheme is recording the fastest new growth rate the bank has ever seen.
Managing director Jim Coupe explained that since launching the expat mortgage programme in August, the number of applications and their combined value has already overtaken the company’s new business pipelines in Guernsey and Jersey.
He said that 2014 was a record year for Skipton and applications from Asia and Middle East-based expats had been particularly strong. He went on to that they were forecasting another strong year in 2015, but insisted they remained fully committed to their local customers and the Channel Islands.
Coupe said that by offering expat mortgages and international savings accounts, they were capable of expanding their overseas business reach. He noted that the bank was recognised across the globe for its customer service and honest communications in relation to savings, and that it was now time to ensure they could achieve a similar reputation in terms of property investment.
Skipton International cannot provide mortgages to UK expats buying British property they intend to live in because the sale would be under Britain’s mortgage regulation. Therefore, it provides mortgages for investment purposes.
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