Skipton International has announced plans to expand its buy-to-let mortgage lending and increase offshore savings deposits.
Skipton, which offers buy-to-let mortgages to UK expatriates and non-UK nationals who have a UK bank account to collect rents in England, Wales or Scotland, recently amended its mortgage criteria to enable borrowers to potentially borrow more against their BTL property investments.
The lender is now offering a reduced interest coverage ratio of 110%, as opposed to the standard 125%, to customers earning £100,000-plus annually and looking to borrow more than £500,000.
To qualify, the borrower’s sole income, or main earner if its a joint application, must be equivalent to at least £100,000 and the mortgage must be for at least £500,000.
Simon White, Skipton’s newly appointed director of credit, said: “We are always looking at ways in which we can make it easier for people to own UK investment property and to hold all their offshore sterling savings in one central place.
“For me it’s an exciting time to be part of a winning formula of good products, plans and people.”