yacht crew expat mortgages

Expat With UK Mortgage ?

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Mortgage rates for Expats are unlikely to improve in the near future, so now is the ideal time for Expats to secure a fixed-rate deal on their mortgage.

 Expats who are on a standard variable rate (SVR) or coming to the end of their term have the potential to save themselves thousands of pounds on their mortgage.

Is it a 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 a daily basis, which without doubt will mean higher prices to pay in the future. The good thing is there are still some particularly good mortgage deals around for expats so it could be the right time to start your search.

What does a mortgage broker do for expats?

Essentially, they are there to help expats find the best mortgage deals in the UK. They aim to make that as simple and stress-free as possible, looking at each person’s situation and finding the best product to match their needs. Being independent is essential as they will have access

Need assistance

If you are an expat looking to secure a mortgage in the UK, please do make contact and one of our qualified independent advisers will be pleased to help.

yacht crew expat mortgages

Review Your Expat Mortgage Deal

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 Expats who avoid reviewing their current expat mortgage deal could well pay for this error in the long term as interest rates look to be going upwards.

Not everybody will benefit from changing their mortgage, but it certainly makes sense to check how your existing deal stands up to the future.

A “wait and see” approach is best avoided for existing expat UK homeowners considering re-mortgaging.

 Use an independent broker

Expats are now using an independent broker more than ever before to secure their deals whether it be a new or re-mortgage. A recent 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.

2022 has seen a large increase of 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

Lenders are still holding interest rates steady as the prospect of the Bank of England raising rates even further is a real possibility. All this news is giving the expat borrower confidence in re-mortgaging for the longer term. 

Like to know more?

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

 

Expat Mortgages offer Independent Financial Advice

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Thousands of expat mortgage borrowers could be missing out on a better expat mortgage deal by not speaking to an independent adviser, research has found.

The findings also showed that 69% of borrowers who went straight to a lender hadn’t re-mortgaged in the last five years, while 74% stayed put because they felt they had a ‘good deal’.

Without seeking independent Expat mortgage advice, individuals would have missed out on the extra mortgage deals that are only available through a mortgage adviser/broker.

The analysis showed that the mortgage industry still needs to demonstrate the value of independent mortgage advice to expat borrowers – just 30% of those who went direct to the lender said that they would likely speak to a mortgage adviser next time.

Meanwhile, 60% who didn’t seek advice when they took out their last mortgage didn’t know mortgage advisers were there to help the borrower, and just over a third (34%) thought an independent mortgage adviser was there to support the lender.

It’s a fact that expat borrowers going through an independent mortgage adviser have access to far more advantageous deals than those going direct to the lender.

Expats who benefitted from a mortgage adviser searching the market for the best mortgage deal were more likely to have switched in the last five years (29%), compared to just one in five (19%) of those who went direct.

Expats who used a mortgage adviser were also in favour of doing so again. Nearly all (98%) said that they found the support of a mortgage adviser ‘valuable’ and a further 95% said they would recommend using an independent mortgage adviser to family or friends.

Can we help?

If you are looking for a new or re-mortgaging, please do make contact and one of our fully independent advisers will be happy to assist.

Weak Pound and the Benefits for Expats

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Overseas investors continue to benefit from the weakening pound.

For those foreign nationals paying in US Dollars, the average UK home now costs 14.8% less, with the average London property costing 16.5% less

While domestic buyers will feel the effects of a weak pound across the board on any imported item they buy, a weak pound is leaving property comparatively cheaper despite house price growth.

For example, in London, prices have risen by 4.9% so far in 2022. However, foreign nationals buying in US dollars are paying a sixth less than at the start of 2022. Buyers in the UAE are benefitting to almost the same degree saving 14.5% on the average UK property and 16.2% on the average London property, while Hong Kong buyers are saving 13.9% and 15.6% in their native currency.

Investing in UK property is one of the best financial decisions that UK expat and foreign national investors can make – and the enduring popularity of this form of investment is testament to this. The weak pound is only making this proposition more inviting and, along with a competitive UK expat and foreign national mortgage market, is doing a lot to offset the damage done by house prices and mortgage rates.

For canny UK expat and foreign national investors, it’s important to keep track of the market developments as things are changing every day, and the turbulent political scene is influencing a lot.

Need some assistance?

If we can help with your new mortgage or re-mortgage, please call one of our fully experienced independent advisers, we are here to help!