UUsing an independent broker in the UK you’ll enjoy a number of advantages compare to “going it alone”.

With the correct advice and support securing an expat mortgage can be a very simple process. Getting this support is a vital component in the chain of events, due to the applicant’s location, as it is likely he or she will be living abroad.

These include:

1. Choice of deals currently available
2. Choice of lenders
3. Expert advice
4. Fully qualified adviser
5. Ease of communication with the lender

Despite all these advantages some believe they will be better off speaking to one bank in the UK about the loan they require. Experience shows that this is just not the case as you will only have a couple of deals to choose from, it is far better to have all options open to you. Selecting the correct deal for you can save a large amount of money in the long term.

The majority of UK based brokers will tell you the importance of having the loan in principle in place before you start your search. A broker will be able to do this for you very quickly and without any undue stress. Once issued this will give a good platform to work from and give you certain advantages. Having this loan in principle will give you better negotiating power, show the seller how serious you are and speed up completion.

Using a broker who is UK based will without doubt make the process far easier and less stressful.

Can we assist?

If you require help with your new or re-mortgage please do contact one of our fully qualified advisers.

Whatever reasons you may have for considering purchasing a property in the UK, the good news is that there are lenders who are more than willing to offer expats mortgages. Many providers don’t even advertise the fact. 

As many as three million expats have a strong desire to own their own property in the UK. Property prices seem to be rising all the time and its little wonder the majority of expats seek UK ownership. It’s true certain parts of the country are stagnating in terms of increasing but on the whole the UK market is as strong as ever.

There is still a lack of housing which makes the buy to let market very attractive to expats who want a foothold in the UK and get a decent return on their capital.

Brokers roll

If you want an expat mortgage a good place to start is finding a broker who specialises in this area. Obtaining an expat mortgage can be very time consuming especially as you are likely to be resident abroad.

An independent broker will have all options open to you on hand and will be able to act efficiently on your behalf. A broker being UK based will save you many hours of extra work as they are on hand to act on your behalf.

Why a broker?

The expat mortgage market is very complex and not all lenders offer this product in their portfolio. Independent brokers will have full access to all products available and be able to advise the most suitable for your needs.

What you will need to apply

• Contact details (email address etc)
• Property purchase details
• Deposit available
• Certified proof of address
• Certified ID (Passport)
• Bank statements (Normally 6 months)
• Wage slips (Normally 6 months)
• Certified accounts if self-employed, number of months vary from lender to lender

These requirements vary from lender to lender and the above is just to give you a guide to help speed up the process.

Help required

If you are looking for an expat new or re-mortgage please do make contact and one of our advisers will be happy to help.

 

Expats are quickly moving to fixed rate mortgage deals more frequently than ever before. Brokers around the country are reporting a significant increase in re-mortgaging to a fixed deal in the last 9 months.

Base rates may well be on hold at present and mortgage rates are at the lowest they have been for many years. One thing is for certain if the base rate rises then mortgage interest rates will very soon follow suit.

A recent survey of expats showed that if this did happen over 46% will not be prepared for the increased expenditure. The survey shows the majority of people have taken for granted the current low rates on offer. This may well be a very dangerous attitude to adopt as things can change very quickly in the world of finance. The uncertainty of Brexit looms over the mortgage market and experts are predicting controlled interest rate increases are coming sooner rather than later.

Protecting yourself is easy

With all the above considered it is a very good time to look more closely at your current mortgage deal.

Every expat will have different needs and objectives but one thing we all have in common is saving money. If your current mortgage deal has no exit penalty or is coming to the end of its deal period you may wish to look at a fixed rate deal.

Good news is there is a competitive selection of deals on offer and these should be given due consideration if you want to maintain lower interest payments.

Can we help?

If you require assistance or would like to talk over your current mortgage contract please do call one of our experienced advisers and we will be pleased to help.

 

 

This year has seen a record level of expat buy-to-let mortgage approvals as expat landlords look to increase their portfolios. Recent surveys of expat landlords clearly reveal they are in the market to increase their holdings as quickly as possible.

The reasons are numerous for this trend, but it felt within the industry that Brexit has a lot to do with it. The survey revealed that over 50% of current landlords are achieving net returns of between 5% and 8% on their current portfolios. This is obviously a much larger return than any traditional savings account can currently offer.

With house values still on the increase year on year expats are also seeing the equity within their properties increasing at a very steady rate. So with all this positivity it is little wonder buy-to-let mortgages are increasing rapidly.

Home ownership in the UK has fallen to its lowest level for over 28 years which may well shock some people. When you look at the overall cost of buying a property in the UK perhaps it is not quite so surprising.

Buy-to-let mortgages

Expat landlords are reaping the rewards of relatively low mortgage interest rates and set up costs which look like rising in the near future.

We always recommend being very selective before deciding on what mortgage best suits your needs. With so many deals on offer it always pays to look at all the options, for example a long-fixed rate deal may be very prudent with the fear of a rate rise looming.

Need some help?

If you need assistance when choosing your next mortgage call one of our experienced advisers and they will be pleased to assist.

Expats on standard variable rate (SVR) mortgages could potentially halve their monthly payments by switching to a fixed rate mortgage, according to the latest research.

Research shows the monthly cost of an average expat standard variable rate mortgage for a £150,000 home loan rose from £720 in September to £735 in October. This follows the increase in the bank base rate from 0.5% to 0.75% in August.

In January, the average monthly payment stood at £702 according to the calculations. This means expats on variable rate mortgages are typically paying £33 more per month for their mortgage than they were at the start of the year.

The research found that expat switching from a variable rate to a fixed rate mortgage could save themselves between £200 and £400 per month.

Obviously the increase in bank base rates has affected standard variable rates the most but it does appear the situation is more mixed amongst fixed rate loans. Whilst some have crept up others such as the more popular fixed rate 2-year loans have fallen back slightly since last month.

Re-mortgaging figures for expats look very healthy at present and this trend should continue if more review their current deals. The good news is there are a number of attractive fixed rate mortgages on offer currently for expats.

Help required?

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