Its UK buy-to-let mortgage proposition accounts for over 50% of balances
Skipton International recently reached the £2 billion mortgage milestone, with over 50% of balances coming from the bank’s UK buy-to-let mortgage proposition.
The offshore bank started lending in Guernsey in 2002, in Jersey in 2005, and has since become one of the largest providers of UK buy-to-let mortgages for expats and non-UK residents.
The bank is headquartered in Guernsey, has a mortgage centre in Jersey, and currently employs over 80 members of staff across the islands. To complement its product offering, the bank has recently launched an online mortgage portal. It also announced pre-tax profits of £39.9 million in 2022 – a 56% increase compared over its 2021 annual profits of £25.5 million before tax. Its mortgage book grew with completions increasing to £467 million, from £376 million in 2021.
We have announced exceptional annual results today, with a 56% increase in profits. Full details: https://t.co/wMMG02NeDU pic.twitter.com/MmswZE0Ahg
— SkiptonInternational (@SkiptonInt) February 22, 2023
“Our mortgage business has grown steadily, withstanding moments throughout the years of turbulence in the economy,” Lorraine McLean (pictured), mortgage sales manager at Skipton International, said. “Strong customer demand for our products and services continues, in particular for UK buy-to-let mortgages.”
Jim Coupe, managing director at Skipton International, added that they were delighted to have reached the mortgage lending milestone and to have become an integral part of the Channel Islands’ residential property marketplace.
“As a Channel Island organisation, we are able to support the local economy by returning the money we look after from depositors through our mortgage loans, providing islanders the ability to buy homes for themselves and also their families,” Coupe said.
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