Begins 2023 by cutting interest rates on some products and offers base rate trackers
GUERNSEY – Media OutReach – 31 January 2023 – Skipton International, the award winning Guernsey-licensed bank, has announced the launch of limited company buy-to-let lending giving customers an additional financing option for growing UK property portfolios.
According to Hamptons, a leading UK estate and letting agency and part of the Skipton Group, purchases of UK property via company structures increased by nearly 40 per cent. From September 2021 to September 2022, 50,445 new companies were set up in the UK to hold buy-to-let property: the second highest figure in any 12-month period.
“The UK property market continues to demonstrate resilience and is an attractive investment option for international investors. By introducing limited company buy-to-let lending, these investors can now expand and simplify the management of their existing UK property portfolio,” said Roger Hughes, Business Development Manager, Skipton International.
Skipton International’s Limited Company buy-to-let lending product is, for now, limited to two properties only, and is for the principal activity of buying and holding residential investment properties. The minimum loan size is GBP250,000 and interest rates start from 4.9 per cent (5.8 per cent annual percentage rate) on loans of GBP500,000 and above.
“Introducing limited company buy-to-let lending together with our sterling and US dollar savings accounts, competitive borrowing and lending rates, reaffirms Skipton’s commitment to offering innovative products and services to our global customers,” added Hughes.
Rates Cut for Some Mortgage Products, Reintroduces Base Rate Trackers
In mid-January 2023 , Skipton International cut interest rates on several mortgage products by up to .30 per cent. This includes its five year fixed rate at 90 per cent LTV with a rate of 5.49 per cent (was 5.79 per cent). For remortgages, there is a five year fixed rate also at 5.49 per cent and fee free.
Also, this month, Base Rate Trackers were reintroduced. A 3 year tracker UK buy-to-let mortgage starts from a minimum base floor of 3.00%; Skipton International’s lowest current rate.
For more information about limited company lending, buy-to-let mortgages and rates, visit www.skiptoninternational.com
The issuer is solely responsible for the content of this announcement.
About Skipton International
Headquartered in Guernsey, Skipton International is a bank wholly owned by Skipton Building Society, the fourth largest building society in the UK. We are a leading offshore bank and winner of multiple awards, including the Moneyfacts ‘Best Offshore Account Provider’ award 2022.
Our aim is to help customers achieve their property owning and savings goals, by offering quality products and excellent customer service.
Additional Information for Editors
Skipton International’s Company Limited Buy-To-Let Lending: Maximum number of Directors is 2. There will be restrictions on Standard Industrial Classification codes (SIC codes). Maximum LTV 65%. Independent legal advice (ILA) when signing the guarantee will be recommended but not insisted upon. The underlying client(s) will need to establish a suitable property holding company (SPV) and a bank account with a UK provider in the name of the Limited Company. The application is submitted in the company name and will be supported by personal guarantee from the Directors. Pricing as personal lending. Arrangement fee GBP4,999.00 payable upon application. Security is to be a charge over the property being purchased or re-mortgaged along with a guarantee from all Directors of the Company with any guarantee to be joint and several.
Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals. It is the winner of the Moneyfacts ‘Offshore Bank Account of the Year’ award 2022, and the Mortgage Introducer ‘Top Mortgage Employer’ Award 2022.
Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society.
Skipton is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.
Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.