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Skipton International has launched two tracker rate mortgages enabling expats to switch away from expensive standard variable rates.
The Guernsey-regulated bank is offering three-year Bank of England tracker rate buy-to-let remortgage products, for £300,000+ loans at 2.74%, or at 3.24% for loans over £100,000. Landlords will require a 25% deposit to qualify.
At the end of the three-year tracker periods, the mortgage reverts to the bank’s 4.99% standard variable rate. The overall cost for comparison is 4.6% APR representative, increasing to 4.8% APR on the 3.24% tracker rate.
The bank has reduced the application fee for all remortgage products to £999, which includes the property valuation and legal costs. The fee rises to £1,999 if you are purchasing a property and the lender does not pay the valuation and legal fees.
Aaron Strutt, director at Trinity Specialist Financial, says: “The bank charges over 1 per cent more for its five-year fixed rates and says the tracker rates are a limited offer, so they may be withdrawn at short notice.
“Skipton also offers mortgages to self-employed expats providing they already use or agree to use one of their lenders 13 approved accountancy firms, including Deloitte and Ernest & Young. It provides expat mortgages in England, Wales and the Channel Islands.”
Call Trinity Specialist Finance on 020 7016 6151 to secure an expat mortgage
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