Skipton International, a buy-to-let mortgage lender for overseas residents, has updated its mortgage criteria.
A reduced interest coverage ratio of 110%, compared to the standard 125% will be offered to customers earning over £100,000 per annum who are looking to borrow over £500,000.
Roger Hughes, business development manager at Skipton International, said “We are always looking at opportunities to develop our mortgage proposition and make it more attractive.
“This change will allow high net worth individuals to borrow more funds to either purchase a new property or remortgage an existing one”.
Skipton International provides mortgages to British expats and foreign nationals to purchase residential buy-to-let property in England, Wales and the Scottish mainland.