Expat mortgage rates hold steady.

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Mortgage rates have been falling consistently for the past 24 months. Both fixed and tacker interest rates are now at the lowest they have been for a good many years. Rates are increasing slightly since the announcement of the bank base rate increase but are holding steady. The question is for how long?

Expats should be taking advantage of these low rates on offer. It is no secret that interest rates will rise again in the future the question is when. Wise expats who currently have a mortgage on a standard rate should review it sooner rather than later as there are some good fixed deals available.

Many mortgage providers are fighting for new business and this has resulted in the lowest ever fixed rate deals being offered. If your current deal is coming to an end soon it is strongly recommended to consider a longer-term fixed rate deal.

Figures are showing that fixed-rate deals have fallen on average over the last 24 months by 0.5% this is the biggest reduction recorded in recent years.
So, what does this mean for borrowers?

Well, it means right now is a very good time for new expat investors and existing ones.

New investors have an excellent choice of very competitive products to choose from, both fixed and tracker.

Existing borrowers should, without doubt, be very prudent and review their existing contracts on a regular basis. By keeping pace with the current market existing borrows can save thousands of pounds on the remaining term of their mortgage.

Need assistance?

Our advisers are used to dealing with all types of expat mortgages, they have vast experience in this area. Please do contact us to discuss your requirements and we will be happy to help.

Weaker pound encourages expats

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New research reveals that expats and foreign nationals are snapping up UK property, while the pound is weak and prices remain very affordable outside London and the South East.

The new figures show that there has been a 20% year on year increase in expats and foreign nationals investing in UK property. These buyers are investing in both buy-to-lets and first, or second homes.

The research also reveals that in 2017, 60% of expats and foreign nationals buying property in the UK, opted for the Manchester area, while 25% choose Birmingham. However, London has seen a 60% drop in buyers, this is the result of high property prices and poor rental yields, compared with other regions of the UK.

What may surprise many is that in real terms, property prices in the UK have fallen compared with a decade ago and there is a huge North-South divide. In London, the average property value has risen by nearly 70% in 10 years, whereas some other areas have fallen as much as 40%.

This growth in investors is partly down to the availability of a wider selection of mortgages designed for working expats and foreign nationals. Investors are also attracted by the UK’s robust legal system for property acquisition, which makes it one of the easiest places in the world to buy property.

Can we help?

If you would like to know more about the range of mortgages available to expats, both new and re-mortgage please do make contact. We have a fully experienced and qualified team waiting to assist you.

Expat re-mortgaging hits record levels  

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Re-mortgaging has reached record levels and now accounts for 37.5% of all mortgages conducted according to recent research.

The proportion of expat re-mortgages has risen by nearly 13% over the last 12 months, as homeowners are increasingly switching mortgage companies to find more attractive rates.

The promise of increased interest rates has no doubt helped drive demand for re-mortgaging. More and more expats are re-mortgaging to save money but also raise capital which is locked in their properties.

Many expat homeowners and landlords who have been saddled with lenders on less than competitive interest rates, or stuck on higher standard variable rates are switching to more attractive fixed term deals. Rising property prices have also had an impact on re-mortgage growth, especially in the South East of the UK.

It is expected the demand for re-mortgaging will continue to rise in 2018, especially if there are further rate rises. There is likely to be a shift towards more consumers considering fixed rate deals as the risk of rate rises remain for the time being. Expat buy-to-let re-mortgaging has also risen and now represents 12.8% of all mortgages, up by 6% year on year.

As a general overview, if you are an expat and not locked into a penalty mortgage deal good advice would be to review it with a view to saving money.

Can we assist?

If you would like a new or re-mortgage, please do make contact and one of our fully trained advisers will be happy to help.