Expat mortgage business growing fast yet again this year

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.

September and October have 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.

If you decide to re-mortgage this may an opportune moment to review any expensive loans and credit cards you may have. It is likely the UK property has gained in value giving you a larger equity which could be used to reduce the expensive debt.

Reasons to re-mortgage

• To save money
• Raise extra cash for a project you have planned
• Your current deal is ending soon
• You want to pay more to clear the loan earlier and the lender will not permit this

Reasons not to re-mortgage

• You have a penalty on your current mortgage which makes it prohibitive.
• You have had credit problems since taking out your current mortgage.
• You currently have an advantageous rate which may be fixed.

If you are considering taking out a mortgage or re-mortgaging, please call us and one of our independent advisers will be happy to assist.

UK property prices increasing

According to the latest figures house prices are on the rise again, September and October saw good growth although not like years gone by but still very encouraging.

So, at present the outlook for 2024/25 is very positive indeed, the signs are this will continue for the foreseeable future.

Can we help?

As expat independent mortgage specialists, we offer a much-valued service to our clients, so please make contact if we can assist you.

Holiday Let Mortgage Expat holiday buy-to-lets are becoming very popular

The rise in buy-to-lets being converted to holiday lets has fuelled an increase in mortgage enquiries. Mainly from expats. Expats are attracted by the potential returns and keen to diversify their portfolios. As such existing expat buy-to-let landlords are expanding their portfolios into holiday lets, as are would-be investors who dream of owning a holiday cottage that will pay for itself.

As a result, lenders have witnessed a rise in mortgages for holiday let mortgages, i.e., loans for properties that will be rented out on a short-term basis, for at least part of the year to tourists – as a business.

These commercial transactions are not difficult to administer. Due to the power of the internet, but like all niche products, they do require a certain level of understanding.

The number of lenders in the expat market is relatively small. Although this is changing. In the past, holiday let mortgages were usually confined to mutuals. However, in recent years other lenders, including some specialist expat funders, have joined the fray.

For the most part, standard buy to let mortgages are designed for use on properties that will be let for a minimum of six months on assured shorthold tenancy agreements (ASTs).

Expat successful mortgage applications are up from 2023 by 14.4%.

It also seems that expat first-time buyers are the ones having the most luck. Over two-thirds of mortgage applications by expat first-time buyers were successful in the first four months of 2024.

Like to know more?

Finally our experienced independent expat advisers are waiting to help you. Contact Us to find out more.

Expat Mortgage Needs business hit a high note

Expat mortgage applications are currently at an all-time high and the outlook for next year remains positive. It would seem that the high property prices do not deter the investor. Expats seem to have the attitude that investing in savings accounts are a lost cause and property offers far better returns in the long run.

According to recently released figures the UK property market has been the best performing in the whole of Western Europe for the last 2 years. It is therefore not surprising that so many people want to invest in an ever-shrinking market.

Whatever expat mortgage needs you may have for considering purchasing a house or flat in the UK, the good news is that there are lenders who are more than willing to offer expats mortgages.

The expat mortgage market is very complex, you should seek professional independent advice as to what product best meets your needs. We have a select number of companies offering very favourable rates which are tailored to suit most needs, including buy to let.

Items you will need to apply.

• Contact details
• 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.

These requirements vary from lender to lender and the above is just to give you a guide to help speed up the process. Contact us for any assistance you may require.

Need assistance?

Finally If you require help with your current or new mortgage, please make contact. One of our experienced independent advisers who will be happy to assist.

Expat Mortgage Review. Consider your current mortgage as you could be paying a lot more each month than you need to!!

It may be a very prudent move to review your current mortgage to establish if it is still the best deal for you, and you are not paying more than you need to!!

This will not be the case for everybody, your current deal may well be exceptionally good, but it is most certainly worth checking as the wrong deal could be costing you thousands extra every year.

Expats have a good choice of mortgage deals currently available, so it is a very good time to check you are not paying more than you need to.

If you decide to re-mortgage this may an opportune moment to review any expensive loans or credit cards, you may have.

It is likely the UK property has gained in value giving you a larger equity which could be used to reduce the expensive debt.

Reasons for Expats to re-mortgage

• To save money.
• Raise extra cash for a project you have planned.
• Your current deal is ending soon

Reasons not to re-mortgage

• You have a penalty on your current mortgage which makes it prohibitive.
• You have had credit problems since taking out your current mortgage.
• You currently have an advantageous rate which may be fixed.

Can we help?

Finally if you would an expat mortgage review your current expat mortgage do make contact. One of our fully qualified independent advisers will be happy to assist.

Buy to Let Mortgages for UK Ex Pats. Expats find the UK still offers very solid and profitable returns.

Expat buy-to-let investments will continue to offer attractive rates of return compared to other asset classes, expat investors have increasingly searched out cheaper and higher yielding properties, research has found.

 The expat private rented sector has grown substantially in recent years. One in five (4.7 million) households in England now rent privately.

Nearly half of 25- to 34-year-olds live in the private rented sector (46%), almost double the percentage in 2006 (24%). There has also been a considerable increase in the proportion of 35-44-year-olds in the private rented sector over the past decade, rising from 11% to 29%.

The wise expat will use an independent broker!

Borrowers 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 and later life lending solutions such as lifetime mortgages.

Buy to Let Expat UK homeowners who benefitted from an independent mortgage adviser searching the market for the best expat mortgage deal were more likely to have switched in the last five years (39%), compared to just 22% of those who went direct.

Expat borrowers who used an expat independent mortgage adviser were also overwhelmingly in favour of doing so again. 98% said that they found the support of a mortgage adviser ‘invaluable’ and a further 95% said they would recommend using an independent mortgage adviser to family or friends.

Help required?

If you would like to review your current expat mortgage or apply for the first time, please do make contact. 0ne of our expert independent advisers will be happy to guide you.