Skipton unveils large loan buy-to-let products

12 November 2020 | General

Skipton International has launched two buy-to-lets mortgages for those looking for a loan size above £750,000.

The products are a 3-year base rate tracker at 2.49% and a 5-year fix at 3.24%, both to 70% loan-to-value.

Roger Hughes, business development manager at Skipton International, said: “Since Rishi Sunak announced the Stamp Duty and Land Tax holiday, Skipton has seen an increase is applications which has led to our mortgage teams being kept incredibly busy.

“Purchase values have spanned all spectrums, but we are receiving a number of enquiries from potential Buy-To-Let owners for properties valued at £750,000 and above.

“This new discounted offering gives purchasers more choice and flexibility, and our mortgage team looks forward to receiving more enquiries.”

With the UK government’s stamp duty holiday ending on 31 March 2021, anyone considering the purchase of a UK buy-to-let property will need to start the ball rolling soon if they are to take advantage.

In addition, a 2% foreign resident Stamp Duty Land Tax surcharge is due to come into effect on 1 April 2021.

If a property purchase was to complete prior to the 31 March 2021, overseas resident purchasers could save as much as £25,000 on a property purchased at £500,000.

This post has originally been featured in Property Wire.