British expats are still buying property in the UK, boosted by specialised mortgage deals and low rates.
Following last year’s launch of Skipton International’s service for expats, its director of lending reported: “We have been pleasantly surprised by the level of demand for our expat mortgages.
“While we knew there was a need, with so few lenders in the market, the worldwide interest has been very strong particularly from the Middle East and Asia.”
Shawbook Bank also noted that it is expats predominately from the Middle and Far East who are pursuing purchases in the UK. The bank specialises in mortgages for property professionals who already have at least two UK properties.
Despite the high asking prices, London still tops the list for expats buying in the UK.
Increasingly, multiple occupancy properties are being sought as these cater well for people who work and stay in London during the week but spend the weekend in the family home. At the same time, the proposition increases the amount of rent the owner can receive.
Just entering the expat mortgage market is the deVere Group which said it launch its service because of demand from its 80,000, mainly expat, clients.
