Guernsey bank Skipton International has announced it has completed 200 UK mortgages for British expats.
The bank launched the buy-to-let mortgages last year and reports that demand for the product is still growing, with more than 130 applications in the pipeline. Since streamlining the application process, and opening it up to retired British expats, the bank is now completing mortgages at a rate of one a day.
Demand has been highest from Dubai, Qatar, Hong Kong, Singapore, Switzerland and the USA. So far London has been the most popular area to invest in the UK, followed by the South East of England.
"There are very few products on the market for UK expats who wish to purchase buy-to-let property in the UK, and demand for this mortgage has been very high since we launched," said Jim Coupe, Managing Director of Skipton International.
"Many of the applicants are first time landlords keen to invest in the UK, along with landlords looking to expand or remortgage their portfolios."
Mr Coupe said by offering a straightforward process, including an online mortgage calculator and a direct line between applicants and the bank's underwriting team, Skipton International was usually able to instruct valuations in just two working days from receiving an application.
The bank has been serving British expats across the globe for 20 years and launched its expat mortgage range in response to the difficulties expats face accessing UK financial products.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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