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Expats, have you reviewed you mortgage lately?

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A former Bank of England Monetary Policy Committee member has predicted that interest rates could rise significantly in the next few years. This forecast is based on the lack of progression of the Brexit negotiations and what effect that could have on interest rates.

Inflation has now caught up with wage growth causing a sharp consumer slowdown and the weak pound has also squeezed consumers and the expectation is that households will adjust their spending downwards.

 

More and more expats are looking for ways to reduce their monthly outgoings. One of the biggest expenses most people have every month is their mortgage payment.  Keeping this in mind it would be a wise move to review your current mortgage so as to establish if it is still the best deal for you.

 

This will not be the case for everybody, your current deal may well be very good, but it is most certainly worth checking.

It is highly recommended to seek professional independent advice as to what new deal could suit your current situation.

Reasons to re-mortgage

  • To save money.
  • Raise extra cash for a project you have planned.
  • Your current deal is ending soon
  • Transfer to a fixed medium/long term deal

Help required?

If you would like to review your current mortgage deal please do make contact and one of our advisers will be happy to assist.

 

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Expats UK property search intensifies

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Overseas buyers and expats are sizing up the UK property market for potential bargains, taking advantage of the weak pound and falling property prices, according to the latest figures released

The property portal found that searches for UK property by overseas buyers have grown steadily over the last 12 months. They now account for 6.6% of all activity on the portal in the first three months of this year, compared to just 3.6% three years ago.

It said some investors are keen to capitalise on softening prices and a weak pound and are looking for discounts.

More expats choosing independent broker assistance for mortgages

The number of expat mortgages coming through brokers has risen steeply over the last 2 years, this figure now stands at 71% from 64% last year.

There has been a steady increase in mortgages sold by intermediaries to expat buyers and re-mortgagers as the market remains very buoyant indeed.

Why choose an independent broker?

Full range of mortgage choices

Industry qualified advisers

UK based for easy communication

Fully automated service

Faster completion

Assistance required?

If you would like help with your new or re-mortgage, please make contact and one of our independent advisers will be happy to help.

 

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Expat confidence is high for this year and beyond

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Expat landlords remain very confident despite all the tax and regulatory changes that have taken place. The latest survey taken recently shows that rental yields are growing modestly while tenant demand for buy-to-let property remains high in the UK.

Expat landlords are still looking to add to their portfolios amidst all this doom and gloom. One in every 5 expat landlords surveyed clearly stated they would like to increase their property holding within the next 5 years.

Demand for good quality property in the UK remains high, expats see the UK property market as a sound and secure long-term investment. One landlord interviewed said, “as long as the rental income covers the mortgage payment I will remain happy”. “I am confident that in 10 years my properties will have increased substantially in value, and this is what I am looking for”.

There is no reason to suspect that property values will reduce in the near future, in fact due to demand they are likely to continue to increase.

Expat buy-to-let re-mortgage

Those existing expat landlords who are looking for ways to increase their property portfolios are raising deposits by re-mortgaging their existing properties to release the equity.

With UK property prices increasing all the time you could be very surprised just how much equity is sitting there unused. Please do seek advice before embarking on this course of action as it is not always suitable and could be a very negative move in the long term.

Mortgage assistance?

If you are contemplating entering this market or require assistance with a mortgage/re-mortgage please do contact us. We have experienced independent advisers who will find the correct deal for you.

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Expats will be happy with 2021

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UK house prices ended the year at a record high, according to Nationwide, with the price of a typical home now £254,822.

This represented double-digit annual price growth (10.4%), or £24,000 on an average property.

The building society said that 2021 was the strongest year for house price growth since 2006.

Demand has remained strong in recent months, despite the end of the stamp duty holiday at the end of September. Mortgage approvals for house purchase have continued to run above pre-pandemic levels, despite the surge in activity seen earlier in the year.

Indeed, in the first 11 months of 2021 the total number of property transactions was almost 30% higher than over the same period of 2019.

At the same time, the stock of homes on the market has remained extremely low throughout the year, which has contributed to the robust pace of price growth.”

Strongest performers

Wales ended the year as the strongest performing region, with house prices up 15.8% year-on-year. Price growth remained elevated in Northern Ireland at 12.1%, and Scotland saw a 10.1% rise.

In England prices rose by 9%. The Southwest was the strongest performing English region, with annual price growth of 11.5%, closely followed by the Outer Southeast, which saw annual price growth increase to 11.3%.

The Northwest saw the strongest growth of the regions in northern England, with annual price growth of 11.2%.

London was again the weakest performer, with annual growth remaining at 4.2%.

What will happen in 2022?

It appears likely that the housing market will slow next year, since the stamp duty holiday encouraged many to bring forward their house purchase in order to avoid additional tax.

The Omicron variant could reinforce the slowdown if it leads to a weaker labour market. Even if wider economic conditions remain resilient, higher interest rates are likely to exert a cooling influence. Indeed, house price growth has outpaced income growth by a significant margin over the past 18 months and, as a result, housing affordability is already less favourable than before the pandemic struck.

However, the outlook remains extremely uncertain. The strength of the market surprised in 2021 and could do so again in the year ahead.

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Expat mortgages and how to improve the turnaround time.

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Most expats have a strong desire to buy or retain ownership of a residential property in the UK due to ever increasing property prices.

Certain parts of the country are stagnating in terms of increasing but overall the UK market is as vibrant as ever. There is still a lack of housing which makes the buy-to-let market very attractive to expats who want a foothold in the UK and achieve a return on their capital. If you look at the interest rates on offer at the major banks it’s little wonder why expats don’t see savings as a way forward.

Whatever reasons you may have for considering purchasing a house or flat in the UK, the good news is that there are lenders who are more than willing to offer expats mortgages. Many providers don’t even advertise the fact.

The expat mortgage market is very complex, and you should seek professional advice as to what product best meets your needs. We have a select number of companies offering very favourable rates which are tailored to suit most needs, including buy to let.

Items you will need to apply

  • Contact details, email, whatAspp etc
  • Property purchase details
  • Deposit available
  • Certified proof of address
  • Certified ID (Passport)
  • Bank statements (Normally 6 months)
  • Wage slips (Normally 6 months)
  • Certified accounts if self-employed.

These requirements vary from lender to lender and the above is just to give you a guide to help speed up the process. Contact us for any assistance you may require.

Can we assist you?

If you are looking for a new or re-mortgage do get in contact and one of our qualified independent advisers will be happy to help.