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Expat mortgages now much quicker

The time it takes to complete a new or re-mortgage for expat’s has reduced significantly in the last 18 months.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months. A straightforward re-mortgage is now on average completing in less the 5 weeks which is significantly quicker than 18 months ago.

A survey of expats applying for a mortgage was taken recently and it clearly showed one of the most important factors in the mortgage process was the speed of advancement, a close second was ease of application.

Good news is the lenders have taken notice of the findings and have reacted well by speeding up the process considerably.

Expats are now using an independent broker more than ever before to secure their deals whether it be a new or re-mortgage. The survey showed using a broker will reduce completion times, they are fully versed in the expat mortgage process and able to react to the lender’s requirements much quicker.

2018 has seen a large increase in approved mortgage applications compared to the same period last year. These increases show how restrictions are being eased by lenders as they compete for every single bit of business. This coupled with record low-interest rates is indeed good news for the expat borrower.

Lenders are still holding interest rates steady as the prospect of the Bank of England raising rates has receded slightly. All this positive news is giving the borrower confidence in the longer term, what happens after the Brexit negotiations are complete remains to be seen.

Like to know more?

If you require help with your new or re-mortgage please do contact one of our fully qualified advisers who will be happy to assist.

 

Expats still wanting buy-to-lets

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If there is one area of the mortgage market many expect to present a challenge then it is the expat buy-to-let, but its demise has been greatly exaggerated. This is a sector that has confounded many experts in terms of its continued strong performance.

It would seem expats find this area of investment still highly profitable, not only for the extra income it provides but the longer growth potential.

Yes, property prices in the UK may have stabilized of late but if you look at the history this is not unusual. Brexit undoubtably is having an effect on the property market and who knows what will happen, one thing is for sure property will always be in demand and that means good longer returns on an initial investment.

Another expat area we expect to remain strong is the first-time buyer market. Arguably, despite affordability issues, low rates mean there has not been a better time for expats to get on the housing ladder in the UK.

Traditionally the UK housing market always seems to outperform most of the other investment vehicles on offer in the UK. Investment returns from traditional savings accounts remain very poor and this is a major contributing factor to the property investment market.

There is a feeling within the industry it is only a matter of time before interest rates start to climb. This said if you are an expat considering buying property in the UK it may well be a very good time to start looking.  If you are an expat with a mortgage on a UK property this is a very good time to review it to make sure the deal you have best suits your needs.

Can we help?

If you are looking for a new or re-mortgage please do contact us and one of our fully qualified advisers will be happy to assist.

Expat landlord or would like to be?

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With the new tax changes that have come into force recently, expats are strongly advised to seek advice from an accountant on what can be done to maximise profitability.

Expat landlords could be looking at reduced profitability due to the tax relief on mortgage interest paid being changed. There is also a new stamp duty level that has been introduced from April 2016 so any expat contemplating a purchase needs to be fully informed.

Looking at the immediate future it would seem to be very good advice if you are an expat landlord to seek professional assistance as to the options available.

A local accountant we spoke to said, “We are getting more and more expats than ever before coming to us to seek advice on incorporation or more general tax advice”.

The way forward

Firstly, get in touch with an accountant and see what can be done to reduce the effect of the new tax laws that have come into force. It is likely the accountant will recommend setting up a limited company to enable more tax advantages. Good news for expats is you can have a limited company registered in the UK whilst living overseas.

Secondly, completely review your current mortgage deal to make absolutely sure the current mortgage you have meets your needs now and in the longer term. It may very well be you currently have the correct mortgage, but it won’t do any harm to check it out.

It could be a very good time to consider re-mortgaging to release capital if required. By just completing these two simple tasks you could make huge savings over the coming years.

Need some mortgage advice?

If you wish to review your current mortgage please do contact one of our qualitied advisers and we will be pleased to help.

Expats remain positive

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If there is one area of the mortgage market many expect to present a challenge then it is the expat buy-to-let, but its demise has been greatly exaggerated. This year alone has seen more new expat buy-to-let deals complete than at any time in the last 4 years. This is a sector that has confounded many experts in terms of its continued strong performance.

Another expat area that has remained strong is the first-time buyer market.. Arguably, despite affordability issues, low rates mean there has not been a better time for expats to get on the housing ladder in the UK. Traditionally the UK housing market always seems to outperform most of the other investment vehicles on offer in the UK. Even with the Brexit negotiations experts are still saying the UK property market will continue to offer value in the longer term.

There is a feeling within the industry it is only a matter of time before interest rates start to climb. This said if you are an expat considering buying property in the UK it may well be a very good time to start looking.  If you are an expat with a mortgage on a UK property this is a very good time to review it to make sure the deal you have best suits your needs.

Mortgage choices

Expats have a selection of both new and re-mortgage products to choose from. Interest rates remain at present reasonable especially compared to a few years ago. Deals including tracker and fixed are readily available from a number of lenders.

Can we help?

If you are looking for a new or re-mortgage please do contact us and one of our fully qualified advisers will be happy to assist.