In short: a deposit of £300,000 to £1 million is 25% of £1,200,000 to £4 million of property, or six to twenty properties at £200,000. At this scale the limits are no longer the price of a property. They are lender caps, the share of value a lender will advance on a large loan, the purchase tax, and whether you have people on the ground. One tax rule matters more here than anywhere else: a buyer of six or more homes in a single transaction can choose to be taxed at non-residential rates.
Read this first
This guide is education, not personal advice. It shows how the sums work for someone who lives outside the UK, using published tax rates, lender criteria and average prices on the dates shown. It does not know your income, your tax position or your plans, and it is not a recommendation to buy. We are not financial advisers, mortgage brokers or tax advisers. Nothing here promises a rent, a yield or a loan.
The 30-second version
- A deposit of £300,000 to £1 million is 25% of £1,200,000 to £4 million.
- Twenty properties at £200,000 need £1,214,000 in cash before fees if you own a home elsewhere. £214,000 of that is transaction tax.
- Skipton International stops at five properties. Molo caps one customer at £5 million of borrowing, which covers the whole band on paper.
- Six properties bought in one transaction for £1,200,000 can be taxed at non-residential rates: £49,750. Bought one by one they pay £64,200.
- How much you borrow is now a choice about risk, more than a limit on what you can buy.
What the deposit buys on paper
| Deposit | Buying power at 25% | Borrowing | As properties | Transaction tax in total | Cash to find before fees |
|---|---|---|---|---|---|
| £300,000 | £1,200,000 | £900,000 | 6 at £200,000 | £64,200 | £364,200 |
| £500,000 | £2,000,000 | £1,500,000 | 10 at £200,000 | £107,000 | £607,000 |
| £1,000,000 | £4,000,000 | £3,000,000 | 20 at £200,000 | £214,000 | £1,214,000 |
Separate purchases of £200,000 properties from different sellers are assumed, by a buyer who lives outside the UK and already owns a home elsewhere. Transaction tax is £10,700 on each. Legal, survey and lender fees are extra on every purchase.
Lender limits bite before the money runs out
| Lender | Limit on one borrower | Limit on one loan |
|---|---|---|
| Skipton International | Five properties funded by it. No lending if you hold more than ten buy-to-lets. Three in one postcode district | Up to £5 million. 75% of value up to £1.25 million, 70% to £1.5 million, 65% to £3 million, 60% to £4 million, 50% to £5 million |
| West One Loans | Portfolio lending up to £15 million. The portfolio must pay for itself | £1 million for an expat or foreign national on standard terms. Larger loans through its bespoke team |
| Molo | £5 million in total. Accepts EU residents | £3 million on one property. Interest-only up to 75% of value |
Three lenders are not the whole market, and criteria change often. HSBC UK, for one, also lends to non-UK residents, but only to residents of 14 listed countries and regions, none of them in the EU, with income of £50,000 or more and a deposit of at least 25%, or 40% above £1 million. We are not mortgage brokers. Use this as a picture of how the rules look, then ask a broker who handles non-resident cases.
On paper, Molo's £5 million cap is above the £3 million of borrowing in the largest case here. Twenty loans with one lender is a different thing in practice. Each is assessed on its own, a borrower buying more than four properties may be asked to show landlord experience, and interest-only borrowing stops at 75% of value. A plan this size is put together by a broker, or it uses less borrowing.
If you live in the EU
From 11 January 2027 an EU rule known as CRD VI stops banks based outside the EU from lending to customers in the EU unless they have a licensed branch there. Loans agreed before 11 July 2026 are protected. Skipton International has already stopped taking applications from EU residents, and HSBC UK's list of eligible countries has no EU member state on it.
Molo is the exception among the criteria here. Its guide dated 23 September 2026 lists European Union countries among those it accepts, for property in England or Wales only. So an EU national living in the EU, a Maltese investor in Malta for example, has a published route to a mortgage on a Welsh property. The same criteria give no such route in Scotland, as our Scottish guide for the same deposit shows.
That can change. Lenders that are not banks may fall outside the rule, there is a narrow exemption where the customer approaches the lender entirely on their own initiative, and each member state writes its own version. Malta had not finalised its law as of mid 2026. Ask a broker which lenders will still take your application before you plan around a mortgage.
Six or more in one purchase: a choice of tax treatment
In Wales, a buyer of six or more dwellings in a single transaction can choose how it is taxed. One option is non-residential rates: 0% to £225,000, 1% to £250,000, 5% to £1 million and 6% above that. The other is to treat the purchase as residential, at the higher rates, and claim multiple dwellings relief.
| How six properties are bought | Price | Transaction tax in total | Rates used |
|---|---|---|---|
| Six separate purchases at £200,000 | £1,200,000 | £64,200 | Higher rates on each |
| One transaction for all six, taxed as non-residential | £1,200,000 | £49,750 | Non-residential rates |
The second row applies only where six or more dwellings pass in a single transaction, such as a block sold by one owner. The other option, higher rates with multiple dwellings relief, has its own conditions and is not worked here. Which costs less depends on the prices. A solicitor who knows Welsh tax works out both before any offer is made.
A block has its own risks: one building, one roof, one street. The tax saving is the start of that decision.
How much to borrow is now a choice
With £1 million, borrowing 75% is one option among several. The table shows what each choice commits you to. It is arithmetic on published rates. It forecasts nothing.
| £1 million used as | Property | Debt | Interest a year at 5.19% | Interest a year at 6.59% | Rent a year a lender wants at 7.24% |
|---|---|---|---|---|---|
| 25% deposit | £4,000,000 | £3,000,000 | £155,700 | £197,700 | £271,500 |
| 50% deposit | £2,000,000 | £1,000,000 | £51,900 | £65,900 | £90,500 |
| No borrowing | About £945,000 | £0 | £0 | £0 | No lender test |
Interest is interest-only: 5.19% is Skipton International's five-year rate and 6.59% is Molo's for residents of the EU. The last column is 125% of a year's interest at 7.24%. The no-borrowing row allows for transaction tax on £200,000 properties and leaves fees to come out of the balance.
More debt means more property and a larger fixed bill every month. A 10% fall in prices takes £400,000 off £4 million of property, which is 40% of the £1 million put in. Our guide to cash-on-cash return explains how gearing cuts both ways.
Running it as a business
- People on the ground. Ten to twenty tenancies need lettings, repairs, inspections and compliance handled every week. In Wales the person doing that work must hold a Rent Smart Wales licence.
- Records and tax. Rent at this scale is far above the Making Tax Digital threshold. See Making Tax Digital for landlords and the 2027 property income tax rates.
- Own name or company. This is a tax and lending question for advisers in the UK and in your country of residence. Published facts only: a company pays the higher rates of Land Transaction Tax on every residential purchase of £40,000 or more, even its first. Skipton International lends to companies in England and Wales at up to 65% of value, with a smallest loan of £200,000. West One lends to people living abroad only through a UK company. Molo accepts simple company structures with personal guarantees.
Three routes people take at this level
None of these is a recommendation. Which one fits depends on facts this page does not have.
| Route | What it needs | What can go wrong |
|---|---|---|
| Many properties, bought one by one | One or more lenders, and time: each purchase is its own project | The full transaction tax on each. Slow to build |
| A block of six or more in one transaction | A seller with a block, a solicitor to confirm the tax treatment, and finance for one large loan | Everything in one building. Lenders advance a smaller share on large loans |
| Lower borrowing across a smaller portfolio | Accepting less property for the same cash | Less gearing. Easier lender tests and a smaller fixed bill |
What comes with a Welsh let
- Purchase tax is Land Transaction Tax. The higher rates apply if you already own a home in Wales or anywhere else in the world, and to every company purchase of £40,000 or more. Wales has no separate surcharge for non-residents.
- Every landlord registers with Rent Smart Wales. It costs £60 online and lasts five years. Failing to register is an offence.
- If you let or manage the property yourself you also need a Rent Smart Wales licence, which comes with training. If you do not, you must appoint a licensed agent.
- Tenants in Wales are called contract-holders. You must give them a written statement of the occupation contract within 14 days of the start.
- A no-fault notice must give at least six months, cannot be served in the first six months, and cannot be given unless you have met the Rent Smart Wales and deposit rules.
- A deposit must be protected in an approved scheme within 30 days.
- Your letting agent or tenant takes basic rate tax off the rent before paying you, unless HMRC approves you to receive it gross. See our guide to the Non-Resident Landlord Scheme.
- When you sell, you must report the sale to HMRC within 60 days, even if there is no tax to pay.
This guide is general education for people who live outside the UK. It is not personal, financial, mortgage, tax or legal advice, and it is not a recommendation to buy any property. Tax rates, lender criteria and prices change. Take regulated advice in the UK and in your country of residence before you commit money.
Common questions
Can a non-UK resident borrow 75% on £4 million of Welsh property?
On the criteria we read on 2 October 2026, not from Skipton International, which funds five properties at most and lends 75% of value only on loans up to £1.25 million, and not from West One on standard terms, which stop at £1 million. Molo's published limits are £5 million for one customer and £3 million on one property, which covers £3 million of borrowing on paper. Each loan is still assessed on its own, so a portfolio of that size is arranged through a broker.
How is Land Transaction Tax charged on six or more properties bought at once?
A buyer of six or more dwellings in a single transaction in Wales can choose. The purchase can be taxed at non-residential rates, or as residential at the higher rates with a claim for multiple dwellings relief. On six properties bought together for £1,200,000, non-residential rates give £49,750, against £64,200 if the same properties are bought in six separate purchases at the higher rates.
Should a non-UK resident use a company to hold Welsh buy-to-lets?
That is a question for a tax adviser in the UK and one in your country of residence. Two published facts are relevant: a company pays the higher rates of Land Transaction Tax on every residential purchase of £40,000 or more, even its first, and some non-resident lenders lend to companies on tighter terms. Skipton International, for example, lends to companies at up to 65% of value.
Is this guide advice on what I should buy?
No. It is general education using published tax rates, lender criteria and average prices. It is not personal, financial, mortgage or tax advice, and it does not take your circumstances into account.
The same deposit in Scotland and England.
New to this? Start with how an overseas investor buys and runs UK property.
At this scale you need one team that sources, refurbishes, lets and manages across every property. We have worked across South Wales as well as Scotland's central belt. If that is what you are building, we should talk.
Get in touch- GOV.WALES, "Land Transaction Tax rates and bands", Welsh Revenue Authority, updated 10 December 2024 (higher rates from 11 December 2024)
- GOV.WALES, "Higher rates of Land Transaction Tax: overview", Welsh Revenue Authority, updated 27 August 2025
- GOV.WALES, "Higher rates for purchases of residential property: technical guidance", Welsh Revenue Authority, updated 13 February 2026 (homes owned anywhere in the world, and six or more dwellings)
- Skipton International, "Key criteria", accessed 2 October 2026 (buy-to-let lending to people living outside the UK)
- Skipton International, "UK Buy-to-let made simple", accessed 2 October 2026 (published rates and the statement on EU residents)
- West One Loans, "Buy to Let Quick Criteria Guide", March 2026 (version 1.2)
- Molo Finance, "Non-Resident Buy-to-Let Products", 23 September 2026 (International Guide version 8.5)
- HSBC UK, "Mortgages for non-UK residents", accessed 2 October 2026 (eligible countries, income and deposit)
- Taylor Wessing, "21c or not 21c: the impact of new EU banking rules on UK lenders", 17 March 2026
- Camilleri Preziosi, "CRD VI and Cross-Border Lending: What Third-Country Credit Institutions Need to Know", 20 August 2026
- Office for National Statistics, "Housing prices in Cardiff", 16 September 2026 (one page per council area; every area in the table was read on the same day)
- Rent Smart Wales, "Landlord Registration", accessed 2 October 2026 (fee, five-year term and penalties)
- Rent Smart Wales, "Landlord and Agent Licensing", accessed 2 October 2026 (licence, training and licensed agents)
- GOV.WALES, "Landlords: housing law has changed (Renting Homes)", updated 17 January 2023 (occupation contracts and notice periods)
- GOV.UK, "Tenancy deposit protection", accessed 2 October 2026 (England and Wales)
- GOV.UK, "Tax on your UK income if you live abroad: Rental income", accessed 2 October 2026
- GOV.UK, "Tell HMRC about Capital Gains Tax on UK property or land if you're not a UK resident", HM Revenue and Customs, updated 13 January 2026
Checked on 2 October 2026.