Skipton International has made changes to its mortgage criteria, in a move which it says will allow resident buy-to-let investors to potentially achieve greater levels of borrowing against their rental yields.
The UK buy-to-let mortgage lender for overseas residents will be offering a reduced interest coverage ratio of 110% (compared to the standard 125%) to customers earning over £100,000 pa and looking to borrow over £500,000.
To qualify, the client’s sole income (or main earner if joint application) must be equivalent to at least £100,000 and the mortgage must exceed £500,000.
Roger Hughes, Skipton International’s business development manager, said: “We are always looking at opportunities to develop our mortgage proposition and make it more attractive.
“This change will allow high net worth individual’s to borrow more funds to either purchase a new property or remortgage an existing one.”
Skipton provides mortgages to British Expats and Foreign Nationals to purchase residential buy-to-let property in England, Wales and the Scottish mainland.