Fixed Rate Deal For UK Expat

Expats are looking for stability.

Expats with mortgages on UK properties are looking to lock in a longer fixed deal than ever before. Experts believe this situation has been brought about due to the uncertainty and what could happen to the mortgage market in the immediate future.

Popularity of longer-term deals had waned at the start of 2024 with expat borrowers opting to fix their mortgage for two years, according to the latest figures.

In the later part of last year demand for five-year fixed-rate re-mortgages went up 42%, representing half the market.

Lenders are eager to attract longer-term business which has created a competitive landscape for expats. This has ensured five-year average rates have remained relatively flat month-on-month.

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.

After hints of a rate increase earlier in the year, sluggish economic growth discouraged the BoE from raising the base rate rapidly. Yet more than three quarters of borrowers still believe another base rate increase will happen at some point in the next twelve months.

Independent brokers

It also emerged the number of expat borrowers using an independent broker to re-mortgage has also hit a record high in 2024.

 Can we help?

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