EThere are many reasons to consider a re-mortgage especially if you are currently on the standard variable rate (SVR) but you should remain cautious as this is not always the correct action to take. Always seek professional independent advice as to the best way forward for yourself as your current plan may well have penalties.

The most popular re-mortgage reasons are listed below.

Securing a better rate of interest

Changing to a fixed deal to manage outgoings

Raising capital

Reducing current loans or credit cards

How a fixed rate can help you.

Expats are beginning to ask how a fixed deal can assist them now and in the future. Good news is there are still some very good deals available but who knows how long for.

A fixed rate mortgage will do exactly what it says on the tin! It fixes the payments you make to your lender for an initial period of time when the mortgage commences this is usually 2 – 5 years. These days mortgages change in structure frequently and it may be possible to get a longer period than 5 years, just ask what is available.

The benefit of a fixed rate deal is that it allows you and your family budget properly, safe in the knowledge that your mortgage payment will not increase for the fixed period. This is really useful if cash flow is tight or you don’t want the uncertainty of payments increasing without warning.  This can be very comforting if you are an expat landlord running a business as you will know your fixed outgoings and your rental income.

If your budget is flexible and you have a surplus of funds each month you may be prepared to sacrifice the security of a fixed rate. You may select to gamble that rates will reduce and select a variable or tacker type mortgage. To be honest this is unlikely with today’s low interest market but if rates increase then your decision to fix will be a very good one indeed.

Need some guidance?

Can we be of assistance with your new mortgage/re-mortgage we have fully qualified independent advisers waiting to help you.

EExpats are in ever increasing numbers trying to either get on the ladder or increase their current UK holding. The majority of expats see property in the UK as a “pension fund” or a way of laying financial security for the long term. Brexit has had it’s effect and will no doubt continue to do so until “the dust settles”.

Bricks and mortar have always been a national obsession. The wisdom that property is fundamentally a very good long-term investment has been passed down from generation to generation. To be honest over the years this wisdom has been very good advice and looks like being so for a good many years to come.

Expat mortgage applications are currently at an all-time high as they seek to establish a foothold onto the UK property market. It would seem that the high property prices do not deter the investor.

According to recently released figures UK property has been the most consistent performing market in the whole of Western Europe. It is therefore not surprising that so many people want to invest in an ever-shrinking market.

Property values have increased year on year for the last 10 years and look set to continue to do so albeit at a lesser rate.

Good time to buy in the UK?

The very quick and simple answer is yes.

The affordable properties that are available to purchase seem to be diminishing on an annual basis, which without doubt will mean higher prices to pay in the future. The good thing is there are still some very good mortgage deals around for expats so it could be the right time to start your search.

Need assistance?

If you require help with your current or new mortgage please call one of our experienced advisers who will be happy to assist.