Expat re-mortgage surge in 2022
Figures just released show expat re-mortgage business is at an all-time high. Looking back at the start of 2020 re-mortgage applications to date this year are 31.5% higher and still rising.
A recent survey highlighted that 37% of all expats re-mortgaging saved on average £287.00 on their monthly payments. I think we would all agree that is worth having. Many also re-mortgaged to fix their monthly payments as they feared an interest rate rise was inevitable.
Many expats whilst re-mortgaging released capital that had accumulated over the years, the average amounted to £21,000 per case.
Top reasons for re-mortgaging
- Better rate of interest (Reduce monthly expenditure)
- Change to a fixed rate (Secure set payments)
- Raise cash to pay off expensive loans (Reduce monthly expenditure)
- Reduce or clear credit cards (Reduce monthly expenditure)
- Raise cash to assist child secure a mortgage (Help with deposit)
It is very encouraging to see borrowers taking more control of their finances and seeking advice as to the best way forward. In the past many homeowners who had secured their mortgage deal just forgot all about it and “buried their heads in the sand”.
There are so many pros and cons to re-mortgaging and all aspects need to be carefully considered to ensure it is beneficial for you.
Always seek professional advice from an independent mortgage adviser who will guide you in the right direction, a wrong move could be very costly in the long term.
Need some advice?
If you are considering a new or re-mortgage and require some help please do call one of our fully qualified independent advisers.
