Buy to let investors are shunning the high priced products of the UK mortgage lenders in favour of foreign banks offering favourable terms.
Mortgage brokers have been placing deals for high-net-worth clients with European lenders such as Kleiwort Benson, Handelsbanken and EFG Bank who are willing to make the loans with better rates and terms than our own lenders.
Lower arrangement fees, higher loan-to-values and less strict rental requirements have got wealthy investors looking to the continent to get their finances from.
With UK lenders being conservative in their lending criteria, the aggressive marketing and lending terms from European banks have seen them move into pole position to acquire high quality assets onto their balance sheets.
Brokers are expecting investors to start adding to their portfolios in the next few months as prices reach a stage where rental yields become more attractive.
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