The number of expats looking for buy-to-let (BTL) mortgages to buy property in the UK has soared over the past year, fresh research from Liquid Expat Mortgages has found.
The broker’s figures show a 90% increase in enquiries for UK BTL mortgages from foreign investors in comparison to last year. This is despite the Prudential Regulation Authority enforcing stricter stress-testing regulations in January 2017.
Expats living in UAE (30%), Hong Kong (15%) and Singapore (10%) make up the majority of enquiries, and the continued trend aligns with predictions for the expansion in global expatriates.
Stuart Marshall, managing director of Liquid Expat Mortgages, commented: “Many expats are keen to keep a foothold in the UK and the yields on BTL properties in the UK are far ahead of those offered by other countries.”
A recent report by market research company Finaccord found that Saudi Arabia has the most expats and India has the highest rate of citizens expatriating. The number of global expats is currently at record levels, with further growth expected over the next few years.
Marshall added: “This increased interest in UK BTL mortgages is in spite of increasing initiatives by the UK government to dampen BTL purchases, such as the second home stamp duty and increasing stress testing for BTL mortgages.”