As many as one in three expat homeowners in the UK don’t know what mortgage rate they are on, potentially costing them thousands of pounds each year, according to new research. Are you one of these?

The survey covered over 1500 expat homeowners with a mortgage in the UK and found that one in three (34%) didn’t know what rate they were on. A further four in ten (41%) only knew the approximate figure.

One in four (25%) of those who took part in the survey were on their mortgage lender’s standard variable rate (SVR), usually costing more than other products available from the same provider. The survey showed that only 35% of expat homeowners were on a fixed rate deal.

Looking deeper into the findings they reveal that borrowers with an average-priced home could end up paying as much as £450-£800 a month (over £4000 per year) more on their lender’s SVR.

Of those on SVR who had been on the same mortgage for at least the past five years, when asked why they hadn’t switched one in five (22%) said it wasn’t worth the hassle and one in seven (15%) claimed that they hadn’t thought about it.

There is a clear level of apathy when it comes to mortgage deals, over 70% said if re-mortgaging was made easier they would change immediately.

The re-mortgage market is competitive at the moment, so there’s a good chance that re-mortgaging will save you money. Speak to an independent expat mortgage adviser is a great place to start to find out your options, they will help make the prosses run smoothly and limit the paperwork you have to do.

Can we help?

If you would like to know more about a new or re-mortgage please do make contact and one of our qualified advisers will be happy to help.

 

A panel of industry experts has agreed that the outlook for property investment in the UK remains positive, despite the uncertainty around continued Brexit negotiations. Although there’s much uncertainty, the ambiguity has not dampened the spirits of prospective homebuyers and property investors.

Historically, real estate has proven itself to be a safe and secure asset by offering stable, long-term returns. As a result, demand for property remains high. Recent figures revealed that the average house prise in the UK rose by 3% in the 12 months to June 2018 and this positive trend has been met with enthusiasm from landlords and expats alike, with new research saying that more than half feel positive about the current state of the market.

This attitude is inspiring confidence throughout the expat sector and signifies a positive outlook for the future of the property market over the coming year, particularly in light of the fast approaching Brexit deadline.

So, despite wider market uncertainty, the returns available from owning, investing in and developing the right type of real estate continue to be favourable versus other asset classes, something that is expected to continue moving forward. This is for a number of reasons including: the supply/demand imbalance (not enough houses being built), the continued availability of cheap credit and a healthy economy. Never forget the fact that the UK remains a great place to do business.

All this has led to even more product innovation expats and landlords as lenders compete in this increasingly popular market.

Mortgage advice?

 If you are looking for an expat mortgage please do make contact, we have a team of experts waiting to help.