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Expats is it time to re-mortgage?

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Expats is it Time To Re-Mortgage?

In order to re-mortgage effectively, it’s important to first establish the purpose of re-mortgaging.

While most UK expat and foreign national investors will re-mortgage to avoid higher rates or to better devise a stable financial plan for their investment. There are also other ways to utilise a UK expat or foreign national mortgage. So expats is it time to re-mortgage?

Some UK expat and foreign national investors might take the opportunity to use their re-mortgage to fund further property purchases and build a larger portfolio.

This will likely be a better strategy for more experienced investors, those who have made strong capital gains or for those who have a lower loan to value, as negotiating a preferential deal will be made easier as they are in a stronger bargaining position.

Get professional Mortgage help, save time and money

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. One of our fully independent advisers will be happy to assist.

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UK Property Deals for Expats

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UK Property Deals For Expats. UK property search increases month on month

Searches for UK property by overseas buyers have grown steadily over the last 12 months.

They now account for 11% of all activity in the first six months of this year, compared to just -6.8% three years ago.

It said most expat investors are keen to capitalise on softening prices and a weaker pound.

Which Expats are looking at UK Property Deals?

US house hunters are watching the UK market most closely, accounting for nearly 70,000 searches in the first quarter of this year, as shown by the list below of the top 3 countries where buyers are searching from:

USA, Hong Kong & Ireland.

Owning property in the UK is a goal of many overseas property investors including expats.

The preferred areas in the UK

London is in strong demand as the third most sought-after location, but the UK’s regional cities could benefit the most from interest from overseas buyers, with Glasgow and Birmingham the most popular search locations, followed by Manchester and Leicester.

More expats choosing independent broker assistance for mortgages advice.

The number of expat mortgages coming through independent brokers has risen steeply over the last 2 years, this figure now stands at 80% from 62% 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 in 2024.

Assistance required?

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

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Expat Holiday Let Mortgages are Very Active in 2024.

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Expat Holiday Let Mortgages are very active right now. There’s been a big increase in choice available to expat landlords wanting to enter the holiday rental sector this year.

The number of mortgage options for expat borrowers looking at the rental market have more than doubled since May 2023.

As the demand for staycations remains evident, it would not be too surprising to see more growth in this market in the months to come. In February 2023 only 2 lenders were offering a buy to let mortgage available to holiday letting. Whereas today there are many more options to the expat investor.

At this point in time, its evident expat landlords are taking advantage of the opportunity to earn an income through holiday lets.

This type of letting a UK property is seen as a very profitable option to expats not wanting to let their UK holdings for long periods of time.

Before deciding to enter this market, research is vital!  

Undertaking thorough research into popular locations is of utmost importance.  Also weighing up tax benefits, reading up on rules regarding residency periods and other potential expenses. All of this and the utility bills can feel daunting. Therefore seeking advice before entering an arrangement is wise.

The number of holiday let companies set up has jumped. Chiefly by expat landlords, between January and June this year has increased of 42% versus the whole of 2023.

Need assistance?

Our professional team of fully qualified independent advisers are used to dealing with all types of expat re-mortgage/mortgage business. Please do call to discuss your requirements and we will be happy to help.

expat mortgage approvals holiday let mortgages

Expat Mortgage Approvals Increasing Monthly

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Expat Mortgage Approvals Increasing Monthly. Expats living abroad are seeing their applications for an Expat mortgage complete faster and far more regularly than 2023.

Approvals for house purchases in the UK by expats increased towards the end of 2023 and 2024 has followed the same pattern according to the latest figures from the Bank of England.

The number of expat loan approvals for purchasing so far this year is up a massive 26.4% on the same period last year. Re-mortgaging saw an astonishing increase of 35% over the same period.

 Expat mortgages completing faster.

 The time it’s taking this year to complete an expat mortgage has reduced significantly in the last 12 months.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months. A straightforward re-mortgage is now on average completing in less the 7 weeks which is significantly quicker than 12 months ago.

Use an independent broker for speed and efficiency of expat mortgage approvals.

The independent broker will take control of the mortgage process, therefore relieving you of the stress and paperwork. They will be able to deal with the mortgage company supplying the loan and answer any queries they may have, saving you time and money.

Help required?

If you are an expat looking for a new or re-mortgage, please do get in touch and one of our fully qualified independent advisers will be happy to assist.

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Expat Mortgage Strategy

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Expat Mortgage Strategy for First time expat landlords. A sound strategy should always be in place.

Investing in property whether it’s your first investment or your fifth can give you goose bumps at any time of year.

The UK rental market is currently booming.

The key to any successful investment is ensuring you have a sound expat mortgage strategy. For property, this means a combination of fundamental elements. These theoretically add up to you finding a property that will deliver growth. As well as provide a regular rental income (if this is a goal), allowing you to passively grow your wealth over time.

These elements are good location, connectivity, amenities, infrastructure, and investment and of course tenant demand which, if you get the first four right, should come naturally.

One of the worst nightmares for any landlord is experiencing a long void period. If you committed to your sound strategy, you will have hopefully purchased a good quality property. Always in a high demand area which should help to reduce the risk of a lengthy void period.

Reduce risks to a minimum

In other words, make sure you have contents insurance. Always put your tenant’s deposit into a deposit protection scheme and have a sum set aside to cover maintenance costs.

Always review your expat mortgage strategy

It is also worth carrying out a regular review of your finances to make sure you aren’t paying out more than you need. Especially on your mortgage payments plus you’re taking advantage of any tax relief available to you.

If you plan to pass on your property as inheritance, make sure you have a solid and tax efficient plan for this too.

Need some Expat Mortgage help?

If you require any assistance with your new or existing mortgage, please do call. One of our fully qualified independent advisers who will be happy to help.