Skipton International, the Guernsey-licensed bank, saw February UK buy-to-let mortgage applications hit a new record – up 83% on the prior month.
Nearly one third of the applications came from Hong Kong residents. UK property is seen by many as an opportunity to build long-term returns in a safe and well-regulated country.
According to the house price comparison site Zoopla, house prices rose by 7.8% in the year to the end of January 2022. It forecasts that by the end of 2022 the average price of property will rise by 3.5%.
The bank has also announced it is not passing on the recent base rate increase to its SVR (Standard Variable Rate) or FOR (Follow On Rate).
Following the recent decision by the Bank of England to increase its base rate to 0.75, some lenders have already adjusted their on sale variable mortgage rates.
Jim Coupe, managing director at Skipton International, said: “With high inflation and energy costs, we believe keeping our current SVR and FOR rates as they are is the most logical thing we can do in support of our customers.”
The bank offers UK buy-to-let mortgages for overseas residents and a range of savings accounts, with customers in over 100 countries.
