Thistle Finance has teamed up with global currency specialist, Mercury FX, to offer UK expats new buy-to-let rates through specialist loans packager and reduced international transaction costs.
Thistle reports that demand is growing from expats for buy-to-let around the UK, but to help support those investors, the specialist packager wants to reduce transaction expenses by cutting the cost of transferring money back into sterling.
The company reports that Scotland, in particular, is a major growth area for expat buy-to-let, with Skipton International recently launching north of the border to accommodate growing demand.
Similarly, Aldermore has further widened and improved its lending criteria for UK expats keen to let out Scottish property, many of whom work overseas in the oil and gas industries but are keen to remain on the property ladder in Scotland.
Mark Dyason, managing director of Thistle Finance, said: “Demand for UK expat buy-to-let has gone off the scale, and is particularly strong in Scotland due to the arrival and increased appetite of more lenders with significantly improved criteria and rates.
“The knock-on effect of this is that a Scottish expat’s chances of securing buy-to-let finance from overseas have effectively been doubled. In partnering with a currency specialist of the calibre of Mercury FX, we’re now able to offer an end-to-end package for expat borrowers, giving them not just the best rates and advice on their buy-to-let mortgage finance but ensuring they save significant amounts of money when getting funds back into the country.”
Alongside bank-beating exchange rates, Mercury FX claims to typically save its clients up to 4% on transaction fees compared to the average high street bank.
Alastair Constance, CEO, Mercury FX, commented: “There are millions of UK expats dotted around the world and a growing number of them want exposure to UK buy-to-let, as both an income generator and hedge against rising house prices. To do so involves transferring often significant sums of money into sterling but far too many ex-pats continue to transact through the major banks, which charge a considerable premium.
“In partnering with Thistle Finance we can ensure our clients get access not just to great exchange and transaction rates but the very best loan advice from an expert in this field, whether for buy-to-let or any other form of specialist property finance.”