Broadening the scope of its lending criteria will offer Skipton’s customers a wider range of potential buy-to-let investment opportunities and strengthen its position as a leading mortgage provider to British expatriates.
Roger Hughes, Business Development Manager at Skipton International, said: “We are always reviewing our proposition to see how we can make buying investment property in the UK easier for our clients and now seems like the right time to include smaller apartments in key, prime city locations. We have experienced a large number of enquiries to provide mortgages for these homes, as more are being built to meet demand.”
With UK average house prices having nearly quadrupled in the last 20 years, more are turning to renting over owning their own property. Studio apartments have also increased in popularity for those looking for a base to rent as they travel between cities for work.
Roger said: “Not only is the number of people living in rented accommodation in the UK increasing, but the population is becoming more transient, moving between cities and countries and looking for a small, simple base that can accommodate this lifestyle. Not all lenders will consider studio apartments, but we feel that these properties are ideal long-term investments.”