Mortgages

Expat buy-to-let enquiries surge following stamp duty changes

Rozi Jones
|
21st July 2020
BTL buy to let
"This initial response to the new stamp duty measures is very encouraging and demonstrates that the changes are driving more interest to the UK property market."

One week after the Chancellor announced a stamp duty holiday on the purchase of property in England, Skipton International has reported a sharp increase in its buy-to-let mortgage enquiries.

The buy-to-let lender says UK expatriates and foreign nationals have been quick to register their interest in investing in UK property to let, with the bank experiencing enquiries at double the value of usual business.

In the seven days following that announcement that stamp duty would be waived on all English properties up to the value of £500,000, Skipton has reported a 61% rise in usage of its online mortgage calculator for UK buy-to-let mortgages estimates.

Jim Coupe, managing director of Skipton International, said: “This initial response to the new stamp duty measures is very encouraging and demonstrates that the changes are driving more interest to the UK property market. We have always seen the UK buy-to-let market as an extremely important area of our business and are anticipating that many of these enquiries will convert to successful mortgage applications in the coming months. As a responsible lender we have to be mindful of prevailing circumstances but will be doing whatever we can to assist buyers in their search for long term investment property.

“Now could be a good time for overseas purchasers to consider investing in UK property, with the stamp duty holiday due to last until 31 March 2021, at which time a proposed additional 2% stamp duty land tax charge for foreign residents will come into effect. This window of opportunity could offer substantial savings with those buying a property priced at £500,000 generating savings of up to £25,000.”

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