UK Expat Re-Mortgages business growing fast yet again this year.

This financial year has seen more new expat mortgage business being conducted than this time last year. New applications are still rising as the year progresses.

September and October have seen a record number of re-mortgages. Clients look to release equity built up over the years within their properties. The released equity is being used for assorted reasons including expensive debt consolidation.

If you decide to re-mortgage this may an opportune moment to review any expensive loans and credit cards you may have. It is likely the UK property has gained in value giving you a larger equity which could be used to reduce the expensive debt.

Reasons to re-mortgage

• To save money
• Raise extra cash for a project you have planned
• Your current deal is ending soon
• You want to pay more to clear the loan earlier and the lender will not permit this

Reasons not to re-mortgage

• You have a penalty on your current mortgage which makes it prohibitive.
• You have had credit problems since taking out your current mortgage.
• You currently have an advantageous rate which may be fixed.

If you are considering taking out a mortgage or re-mortgaging, please call us and one of our independent advisers will be happy to assist.

UK property prices increasing

According to the latest figures house prices are on the rise again, September and October saw good growth although not like years gone by but still very encouraging.

So, at present the outlook for 2024/25 is very positive indeed, the signs are this will continue for the foreseeable future.

Can we help?

Finally as expat independent mortgage specialists, we offer a much-valued service to our clients.  As such please make contact if we can assist you.

Holiday Let Mortgage Expat holiday buy-to-lets are becoming very popular

The rise in buy-to-lets being converted to holiday lets has fuelled an increase in mortgage enquiries. Mainly from expats. Expats are attracted by the potential returns and keen to diversify their portfolios. As such existing expat buy-to-let landlords are expanding their portfolios into holiday lets, 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, i.e., 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 mutuals. However, in recent years other lenders, including some specialist expat funders, have joined the fray.

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).

Expat successful mortgage applications are up from 2023 by 14.4%.

It also seems that expat first-time buyers are the ones having the most luck. Over two-thirds of mortgage applications by expat first-time buyers were successful in the first four months of 2024.

Like to know more?

Finally our experienced independent expat advisers are waiting to help you. Contact Us to find out more.