More and more expats are looking for ways to reduce their monthly outgoings. One of the biggest expenses most people have every month is their mortgage payment.  Keeping this in mind it would be a wise move to review your current mortgage so as to establish if it is still the best deal for you.

This will not be the case for everybody, your current deal may well be particularly good, but it is most certainly worth checking.

With all the uncertainty the Brexit situation is having on the UK currently a prudent move may be to fix a term for your current mortgage, this would take out all the uncertainty over that period.

Five-year fixed deals tend to be more popular amongst borrowers who are seeking stability. Expats will be opting for these deals to provide some certainty amid the potential economic and political upheavals in the next few years due to Brexit and now Covid19.

Currently over 77% of expats re-mortgaging expect a rise in the Bank of England (BoE) base rate next year. This compares to 35% in January 2020.

It is highly recommended to seek professional independent advice as to what new deal could suit your current situation.

Reasons to re-mortgage

• To save money.
• Raise extra cash for a project you have planned.
• Your current deal is ending soon
• Transfer to a fixed medium/long term deal

Help required?

If you would like to review your current mortgage deal please do make contact and one of our advisers will be happy to assist.

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. A straightforward re-mortgage is now on average completing in less the 6 weeks which is significantly quicker than this time last year.

A survey of expats applying for a mortgage was taken recently and it clearly showed one of the most important factors in the mortgage process was the speed of advancement, a close second was ease of application.

Good news is the lenders have taken notice of the findings and have reacted well by speeding up the process considerably.

Use an independent broker

Expats are now using an independent broker more than ever before to secure their deals whether it be a new or re-mortgage. The survey showed using a broker will reduce completion times, they are fully versed in the expat mortgage process and able to react to the lenders requirements much quicker.

2020 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. This coupled with record low interest rates is indeed good news for the expat borrower.

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, what happens after the Brexit negotiations are complete remains to be seen.

Like too 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.

More than a fifth of expat mortgage borrowers are not keen to move to a new lender, no matter how good a new deal they are offered, according to research. Mortgage experts say staying with your existing mortgage provider could be the equivalent of turning down a good pay rise or bonus.

According to the new data, more than a third of expat borrowers haven’t changed their mortgage in the past five years, despite better deals on offer. This means that expat UK homeowners could be unnecessarily overpaying by thousands of pounds a year. Just ask yourself, when was the last time you reviewed your mortgage?

Most at risk of overpaying are expat homeowners whose deals have ended and have moved to their provider’s standard variable rate (SVR).

Now is the time to consider re-mortgaging as rates are likely to rise in the near future. Borrowers on a SVR could save the equivalent of a monthly pay rise or an annual family holiday.

Mortgage rates came down again this year, but this is about to end if you believe what the experts are saying. Rates could start to rise as early as November so if you are on a SVR mortgage get it reviewed urgently.

Could you give yourself the equivalent of a cash bonus by re-mortgaging?

The simple answer to this question is YES! If you have a current deal with no penalties to change It is strongly advised you to contact us to see what is available.

Your mortgage is likely your biggest financial obligation; don’t let it be your biggest blind spot.

Can we assist?

If you would like to review your current mortgage please make contact and one of our independent qualified advisers will be happy to explain your options.

Mortgage borrowing in the expat sector is over 26% higher overall than 12 months ago recent figures show. The number of mortgage applications for May, June & July combined also saw the highest numbers for the last 3 years. This is surprising to the market as it was muted that the coronavirus would have an adverse effect.

The really good news for the expat borrower is that application approvals have reached a record high in 2020 and look set to continue in this vain.

It has indeed been an extremely busy year for brokers and lenders alike as expat borrowers have taken advantage of the low interest rates that are on offer. Brokers around the Country believe business has been enhance by the Brexit situation with Brits wanting a foothold on the UK property market.

Re-mortgaging numbers in particular have been rising month on month and continue to do so. Expats have recognised that interest rates could be due to increase, perhaps later in 2020 and have taken advantage of the exceptionally good fixed rate deals that are available. The wise expat will move to re-mortgage now sooner rather than later.

Re-mortgage

If you are one of the thousands of expats who have not re-mortgaged, and you are still on a standard variable rate deal now is the time to review your circumstances. If the predictions are correct interest rates are due to rise early in the 2021 with further rises on the horizon.

Good news is there are still some very good fixed and discount deals on offer, but it’s likely they won’t be around for much longer.

Can we assist?

If you require some help with your current or new mortgage please do call one of our fully qualified advisers.

Political uncertainty in Hong Kong is one of the factors driving an increase in enquiries from non-UK residents.

Data showed ‘visas’ was the most searched for term by advisers in the last week of July, and searches for ‘non-UK residents’ were also on the rise.

The tool, which helps advisers determine whether a particular lender might consider an application from their client, also showed buy-to-let searches for applicants on a visa had also risen by 146%. This has been since the announcement of a 2% stamp duty surcharge for overseas buyers, which will come in effect in April 2021. But the stamp duty holiday, announced by the chancellor last month, was also cited as one of the other reasons for the interest from overseas buyers.

Hong Kong buyers

The rise in visa-related enquiries coincides with increased interest from Hong Kong-based buyers as they turn their attention to the UK housing market amidst growing political uncertainty in the territory.

Recent industry data revealed a surge in demand from Hong Kong-based buyers. It said this was likely to grow further following the government’s announcement on 22nd July of a new route to citizenship for 300,000 British National Overseas (BNO) passport holders.

Britain’s housing market is bucking the trend and has faced unprecedented levels of demand since reopening in May, and now figures show that a growing number of overseas buyers are also taking a very keen interest in UK property.”

Lending criteria is changing every day in the mortgage market at the moment, and advisers will be key in helping borrowers and others to cut through the red tape and find the best product for their particular circumstances.

Can we help?

If you are looking to secure a new or re-mortgage please do make contact and one of our independent advisers will be happy to assist.