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Skipton International launches guide for expat BTL investors
Between April 2017 and April 2020, interest rate relief on UK buy-to-let property will be phased out.
This will affect what landlords with mortgages on UK investment properties can offset against UK tax.
The changes could potentially push over 400,000 UK resident lower rate taxpayers into a higher tax bracket.
Nigel Pascoe, director of lending for Skipton International (pictured above), said: “There have been a number of measures over the past few years that have affected overseas investors who own UK buy-to-let properties.
“The phasing out of mortgage rate relief is likely to have an impact on some landlords, so this is a good time for property owners to look into this in more detail and take professional advice where appropriate.”
Skipton launched its buy-to-let mortgages in 2014 in response to the difficulties many British expats faced when investing in buy-to-let properties in England and Wales.
Since the launch, the Guernsey-registered bank has completed over £190m of expat loans, on more than 900 mortgages.
Up until the end of May 2017, Skipton had over double the number of enquiries for expat mortgages compared with the same period in 2016.
Nigel added: “Buy-to-let remains a popular long-term investment for British expats and we don’t expect the phasing out of mortgage interest rate relief to change this.
“The guide is a way of helping ensure expat investors are aware of changes in the UK, so they can prepare for them.”
You can view Skipton International’s guide here- https://www.skiptoninternational.com/help-article/interest-relief-guide
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