seafarer mortgages

Yacht Crew Mortgage Lending

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Yacht crew expat first time buyers increase.

The number of new yacht crew expat first-time buyers has increased dramatically in the first quarter of this year.

It would seem expat yacht crews want to get a foot on the ladder in the UK so to speak perhaps as a backup for the future.

Even with the general slowdown in property prices the UK still represents good long term potential growth. The UK has traditionally always seen value in the property market and there is no sound reason this should change in the future.

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.

Mortgages

Expats currently have an excellent choice of new and re-mortgages available at advantageous rates, best advice is to act sooner rather than later as these rates are expected to increase.

Can we help?

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

searfarer and yacht crew mortgages advice

Buoyant Market for Yacht Crew !

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Expat Yacht Crew lending expanding in all areas.

March 2023 gross mortgage lending to expats has increased by 6.1% from the month before, this is the fourth month on the run. In addition to the month on month increases lending this year has increased 15.6% overall.

Experts believe these strong figures are down to a very strong and buoyant UK property market which continues to offer superb long-term returns. There is definitely less confidence in the property values of other European countries.

Property continues to gain value in the UK at a steady rate and looks like continuing for the foreseeable future unlike the rest of Europe. Covid-19 has had an effect on the market, but the majority of experts believe this will be very short lived.

One other factor that has contributed to this robust growth is the number of re-mortgages completed. Both expat yacht crews and UK residents are living in the fear that interest rates are about to jump yet again.

These fears are justified as already a good many long-term fixed rate deals have been withdrawn from the market but there are still some extremely attractive deals on offer.

UK property offers stability.

The UK property market without doubt still offers 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 10 years would have seen their investment grow substantially.

It is expected that house price increases will level out as the year goes on with a steady and reliable growth rate, again spelling good news all round.

To sum up – traditionally the UK property market has always offered excellent value long term investment potential and there is no reason to believe this won’t continue.

Mortgage advice?

If you need assistance with a new or re-mortgage, then please contact our expert advisers who are waiting to help.

yacht crew mortgages

Yacht Crew Mortgages

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Yacht crews living offshore are seeing their applications for an Expat mortgage complete faster.

Approvals for house purchases in the UK by expats increased towards the end of 2022 and 2023 has followed the same pattern according to the latest figures from the Bank of England.

The number of expat yacht crew loan approvals for purchasing so far this year is up a massive 20.4% on the same period last year. Re-mortgaging saw an astonishing increase of 30% over the same period.

The next few months are likely to be less active, but at present we can confirm business is very active with the buy-to-let market surprisingly leading the way.

Re-mortgaging in the expat market continues to be very buoyant as homeowners look to lock in advantageous interest rates which are still currently on offer.

Why re-mortgage?

 There are many reasons you may wish to consider a re-mortgage and it is without any doubt something every expat homeowner should consider, especially if you are stuck on your current lenders standard variable rate. It is not always best advice as your current deal may have conditions that are not beneficial, but you should take time to review on a regular basis. So why re-mortgage?

  • Secure a better rate of interest than you are currently paying.
  • Change current deal to a fixed rate for long term security.
  • Raising capital from equity within your property.

Need assistance?

 Our professional team of fully qualified independent advisers are used to dealing with all types of expat re-mortgage/mortgage business. Please do call to discuss your requirements and we will be happy to help. Contact Us to find out more.

yacht crew expat mortgages

Yacht Crew Mortgage Advice

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Yacht Crew Mortgage Advice. If you are from the UK and are a UK national but are living or working abroad as a yacht crew for a period of time then you may be able to get an expatriate mortgage.

Expatriate mortgages are much like standard UK mortgages. There are some lenders who specialise in expat mortgages and some that don’t.

Expat mortgages completing faster.

The time it’s taking this year to complete an expat mortgage has reduced significantly in the last 12 months.

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 5 weeks which is significantly quicker than 12 months ago.

Yacht crews are advised to consult a mortgage broker.

Mortgage brokers are advisers who specialise in finding mortgages for those who want to buy property. The advantage of using a mortgage broker is that they should know what mortgage products are available to buyers in your circumstances from amongst the banks and building societies they work with.
They should also be able to find you the best type of mortgage for you, at the best interest rate.
Like to 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.

yacht crew expat mortgages

Expat Yacht Crews

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Expat yacht crews are using broker services to their benefit.
A recent survey of expat yacht crews found they are using an independent mortgage adviser when looking for an expat mortgage.
Its survey of over 400 crews found that only 31% weren’t employing the services of an independent broker.
There are plans to use the research to tackle the misperceptions about independent mortgage advisers and raise awareness about how they can help borrowers to find the right mortgage.
Yacht crews due to their constant moving around can save so much time and money, plus modern communications make it simple to keep up to date with their application.
Crews going through an independent mortgage adviser have access to many more mortgages than those going direct to the lender, including specialist mortgages for the self-employed, yacht crews and later life lending solutions such as lifetime mortgages.
Homeowners who benefitted from a mortgage adviser searching the market for the best mortgage deal were more likely to have switched in the last five years (29%), compared to just 19% of those who went direct.
Borrowers who used a mortgage adviser were also overwhelmingly in favour of doing so again. 98% said that they found the support of a mortgage adviser ‘valuable’ and a further 95% said they would recommend using a mortgage adviser to family or friends.

Help required?

If you would like assistance please do make contact and one of our expert independent advisers will be happy to guide you.

yacht crew expat mortgages

Surge in Expat Mortgages

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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.

yacht crew expat mortgages

UK Expats In Positive Mood

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If there is one area of the mortgage market many expect to present a challenge then it is the expat buy-to-let, but its demise has been greatly exaggerated.

This year alone has seen more new expat buy-to-let deals complete than at any time in the last 5 years. This is a sector that has confounded many experts in terms of its continued strong performance.

Another expat area that has remained strong is the first-time buyer market. Arguably, despite affordability issues, availability both in property and mortgages means there has not been a better time for expats to get on the housing ladder in the UK.

Traditionally the UK housing market always seems to outperform most of the other investment vehicles on offer in the UK.

There is a feeling within the industry it is only a matter of time before interest rates start to climb. This said if you are an expat considering buying property in the UK it may well be a very good time to start looking.

If you are an expat with a mortgage on a UK property this is a very good time to review it to make sure the deal you have best suits your needs.

Mortgage choices

Expats have a selection of both new and re-mortgage products to choose from. Interest rates remain at present reasonable especially compared to a few years ago. Deals including tracker and fixed are readily available from a number of lenders.

Can we help?

If you are looking for a new or re-mortgage, please do contact us and one of our fully qualified advisers will be happy to assist.

yacht crew expat mortgages

UK Expat Borrowing

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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.

yacht crew expat mortgages

Expats Expand Property Portfolios

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Last year saw 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 7% and 11% 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 30 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.

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 independent advisers and they will be pleased to assist.

yacht crew expat mortgages

Expat Mortgage Rates Return to Normal

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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.