This financial year has seen more new expat mortgage business being conducted than this time last year and applications are still rising as the year progresses.
Mortgage rates are at last are levelling out fuelling the increase in business being done in all sectors of the mortgage market. Even with the recent base rate rise there are still excellent deals to be had.
January has seen a record number of re-mortgages as 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. Expats are also re-mortgaging to fix the rate of their loan over a longer term as more base rate increases are likely.
Confidence is sky high within the expat community at present especially with those who own a property in the UK. This is due to the ever-increasing property prices.
If you are considering taking out a mortgage or re-mortgaging, please call us and one of our advisers will be happy to assist.
UK property prices increasing
According to the latest figures house prices are on the rise again, January and February saw good growth although not like years gone by but still very encouraging.
It is expected that house price increases will level out over the next year with a steady but reliable growth rate, again spelling good news all round.
So, at present the outlook for 2023 is very positive indeed, the signs are this will continue for the foreseeable future.
Can we help?
As expat mortgage specialists we offer a much-valued service to our clients, so please make contact if we can assist you.

Almost 5.3 million Britons live or work outside the UK and many of them don’t want to give up property ownership in the UK.
Over the past 20 years expat mortgages have grown in stature as more Brits see owning a property in the UK as a very good long-term investment.
Who needs an expat mortgage and what are the typical reasons?
Britons living abroad, either temporarily or permanently, will need to obtain a mortgage from a lender that has chosen to lend to expats.
Typically, expats are looking to invest in buy-to-let property whilst living overseas, perhaps to provide an income in retirement or even to live in upon their return.
Whilst fluctuating exchange rates can, at times, provide a good opportunity for investors, it is also true to say that many expats earn better salaries abroad than they would do here in the UK. A lower cost of living means they have more disposable income and want to invest in UK property.
Value for money
The UK property market still offers really good value for money if you own a property or can afford to buy one.
Anybody who has owned a property in a good area of the UK over the last 15 years would have seen their investment grow substantially.
Traditionally the UK property market has always offered good value long term investment potential and there is no reason to believe this will not continue long into the future.
Mortgage advice?
If you need assistance with a new or re-mortgage then call our expert independent advisers who are waiting to help.

 

The UK buy-to-let market “may have turned an important corner” with major lenders launching lower rates for expat mortgages at less than 1% over the Bank of England base rate.

This coincides with property portals, Zoopla and Rightmove, saying that the supply of houses put on the market rose by 5.9% in January with asking prices lifting by 0.9% in the same period.

The bank base rate is currently 3.5% after a series of rises last year as the central bank bids to combat inflation at 10.5%. The Bank’s interest rate was 0.1% in November 2021.

Previously, Rightmove had noted UK house prices had fallen over the latter part of last year, following former Chancellor Kwasi Kwarteng’s tax-cutting September minibudget, which accelerated already rising mortgage rates. Action taken by current Chancellor Jeremy Hunt in October and in the November Autumn Statement calmed markets, although home loans remain elevated.

We are now seeing at least one lender offering UK mortgages for expats at a margin of less than 1% over the UK base rate. It is another signal that markets are returning to a new normal, with the UK base rate now expected to remain at a much higher level than was the case since the financial crash of 2008/2009.

The inevitable result of higher UK base rates is that lenders are having to trim margins to remain competitive.

House prices have remained solid in many parts of the UK, despite steeply rising mortgage rates, as the supply of homes for sale has been outstripped by demand for property.

If you need expat mortgage advice, please do make contact and one of our independent advisers will be happy to help.

 

 

 

 

 

Recent figures show that an estimated 220,000 expats own property in the UK and the vast majority let their properties out to achieve extra income.

Expat landlords could be looking at reduced profitability on two fronts, firstly taxation and secondly an interest rate rise which looks likely.

One client of ours we recently spoke to said “as an expat with 3 rental properties I am returning to the UK for a meeting with my accountant to review the new tax laws on buy-to-lets”. “I am also currently reviewing my mortgages with a view to fixing a rate for as long as possible”.

Looking at the immediate future it would seem to be very good advice if you are an expat landlord to review all aspects of your UK property.

In the last 3 weeks we have seen a big increase of enquiries into buy-to-let fixed rate deals. Good news is there are still some very good deals to be had which could assist you protecting your profitability.

Way forward as an Expat Landlord

Firstly, get in touch with an accountant and see what can be done to reduce the effect of the new tax laws coming into force since Brexit. Secondly completely review your current mortgage deal to make absolutely sure the deal you have meets your needs now and the longer term. It may very well be you currently have the correct mortgage, but it won’t do any harm to check it out.

By just completing these two simple tasks you could very well save yourself thousands of pounds over the next few years.

Need some mortgage advice?

If you wish to review your current mortgage please do contact one of our qualitied independent advisers and we will be pleased to help.

 

 

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.