Skipton International has made a criteria change which allows overseas resident buy-to-let investors to potentially achieve greater levels of borrowing against their rental yields.
A reduced interest coverage ratio of 110% (compared to the standard 125%) will be offered to customers earning over £100,000 p.a. 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.
Skipton provides mortgages to British expats and foreign nationals to purchase residential buy-to-let property in England, Wales and the Scottish mainland.
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.”