Skipton International has extended its buy-to-let mortgage lending criteria on UK property to 75% loan to value (previously 70%) on all loans up to £1,000,000.
The Guernsey-licensed bank will also be allowing existing applicants who have already applied for a 70% loan to increase to 75%, subject to relevant criteria being met.
Additionally, Skipton International has enhanced its criteria, extending its UK buy-to-let offering to non-UK residents who intend to live in the property at a future date. The bank believes this would appeal to expats and other investors who wish to purchase a UK property on an initial buy-to-let basis, but who have the intention of returning to live in the property themselves on a longer term basis thereafter.
The applicant or family member cannot occupy the property during the original three or five-year tracker or fixed rate product period.
Roger Hughes (pictured), business development manager at Skipton International, said: “The last year has seen unprecedented challenges in the market. With the current Stamp Duty Land Tax holiday extension, demand for UK property remains high and our enhancements will give greater flexibility to non-UK residents wishing to purchase buy-to-let property in the UK.
“At Skipton International we are always looking at ways to adapt and improve our proposition. There is a lot of optimism in the property market at the moment and we are expecting a busy next few months.”