Skipton International has reported “strong” customer interest despite ongoing uncertainty from Brexit.
To the end of August year on year enquiry values through the lender’s online Mortgage Calculator have increased by 43%.
So far, 2019 has already witnessed more enquiry value than received across the whole of 2018.
Skipton provides mortgages to British Expats and Foreign Nationals to purchase residential buy-to-let property in England, Wales, the Scottish mainland and the Channel Islands.
Roger Hughes, Skipton International’s business development manager, said: “Demand from overseas residents for UK buy-to-let mortgages is very strong, despite the ongoing Brexit uncertainty. The devaluation of the pound since the Brexit vote in 2016 has of course reduced the upfront cost of purchasing a UK property if you are earning or have savings in a foreign currency.
“On 10 June 2016 the exchange rate was 1.43 USD to the pound, recently it touched 1.20, a 16% reduction in the dollar amount required to fund a given amount of sterling. Once the property has been purchased, the rental income will be paid in sterling which removes most of the currency risk in maintaining the UK mortgage.
“We believe many overseas residents are considering UK property good value at present, which is resulting in Skipton International receiving record levels of applications.”
London and the South East of England are the most popular locations Skipton International is experiencing for property to be purchased or remortgaged, however Skipton International is also seeing demand across all regions, including Scotland where the bank commenced lending in early 2018.