yacht crew expat mortgages

Independent Ex Pat Mortgage Broker

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Independent Ex Pat Mortgage Broker. Expats are using an independent broker more and more.

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

A 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.

Why independent?

Very simple you will have a much bigger choice of deals as an independent is not tied to any one company.

2023 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 has receded slightly.

All this positive news is giving the borrower confidence in the longer term.

Expat mortgages are now easier and quicker to complete than ever before.

 The time it takes to complete a new or re-mortgage for expat’s has reduced significantly in the last 2 years.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months, using a specialist independent ex pat mortgage broker.

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.

 

yacht crew expat mortgages

Expats Buying Property

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Expats buying property are still looking at buy-to-lets for income and long-term growth.

There has been a marked increase in the number of enquiries from expats into buying-to-lets in the UK a recent report has highlighted.

This activity has increased since the UK left the EEC on 31st January 2020.

The report from financial intermediaries revealed that 70% of respondents had seen a rise in enquiries from British expats about buy-to-let mortgages for UK property.

These findings reflect the growing demand for buy-to-let mortgages from overseas investors; due partly to the strength of foreign currency against the pound – attributed to the ‘Brexit effect’ – which has created an investment opportunity.

Following Brexit, the pound has weakened against most major currencies including the dollar and euro. Brits living in countries where the currency is pegged to the USA’s, such as Hong Kong have been attracted to investing in property back in their home country.

What is happening is investors, including expats, are still buying-to-let in Britain, but perhaps focusing on lower loan-to-values and using larger deposits to take the various changes into account, as well as adapting their portfolios and business models to maintain their profitability: for example, by looking at up-and-coming areas across the UK instead of the more traditional rental hotspots like London.

Given the strong rental market in the UK, it appears that expats are still keen to keep a foothold on their home property ladder, and whilst the buy-to-let market has faced a number of challenges recently, those taking a long-term view seem undeterred.

Like to talk over your needs?

If you are an expat looking for a new or re-mortgage, please do make contact and one of our qualified independent advisers will be happy to help.

yacht crew expat mortgages

Expat holiday buy-to-lets are getting more profitable.

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Expat buy to lets are getting more profitable. The rise in staycationing has created an increase the use of properties as holiday lets. Expats are attracted by the potential returns and keen to diversify their portfolios. Existing expat buy-to-let landlords are expanding their portfolios into holiday let. As are would-be investors who dream of owning a holiday cottage that will pay for itself.

As a result, lenders have witnessed a rise in mortgages for holiday let mortgages. Loans for properties that will be rented out on a short-term basis, for at least part of the year to tourists – as a business.

These commercial transactions are not difficult to administer, due to the power of the internet, but like all niche products, they do require a certain level of understanding.

The number of lenders in the expat market is relatively small. Although this is changing. In the past, holiday let mortgages were usually confined to mutual societies. However, in recent years other lenders, including some specialist expat funders, have joined the fray.

So, not the largest selection in the world but certainly enough to find solutions to fit a variety of expat borrowing circumstances.

Recently, there have been reports in the press of landlords turning their buy-to-let property into holiday accommodation.

For the most part, standard buy to let mortgages are designed for use on properties that will be let for a minimum of six months on assured shorthold tenancy agreements (ASTs).

As such, the majority of products do not cater for holiday accommodation. As such expat borrowers risk breaking the terms of the mortgage contract if they let the property out on a short-term basis.

This should not deter expat borrowers, as holiday let terms can actually be far more favourable.

Like to know more?

 Our experienced independent expat advisers are waiting to help you.