Skipton International has extended its expatriate mortgage proposition, now accepting applications for buy-to-let lending on Scottish mainland property.
Previously, Skipton only offered buy-to-let mortgages to British expats wanting to invest in England or Wales.
The lender said that average rental returns in areas of Scotland are currently outperforming the rest of England. London rentals have seen a drop from 3.6% yield to 3% over the last year, with returns rising as you head further north, up to 5.5%. In comparison, rental opportunities in Scotland are offering landlords between 7-8% yield.
Hometrack has identified Edinburgh as the city with the fastest growing house prices in the UK. The average value of homes has risen by 7.7% over the year to January 2018, compared to only 1.6% increase in London.
Nigel Pascoe, director of lending at Skipton International, said: “Property lending for British expatriates was always an area we considered to be underserviced, and in particular there are only a handful of lenders that would lend on Scottish property to British citizens aboard. As an offshore lender, we have become specialists in servicing the expatriate market and feel that our buy-to-let packages could particularly appeal to those wanting to purchase Scottish mainland properties, as well as those in England and Wales.
“This is about building on our success as a mortgage provider and making it that little bit easier for expatriates to make long-term investments, particularly in areas that they know well.”