As an expat whatever reasons 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 a mortgage. Many providers don’t even advertise the fact.

Brexit has not deterred expats from buying in the UK, in fact since the vote activity has increase by 13%.

The expat mortgage market is very complex, and you should seek professional advice as to what product best meets your needs.

Items you will need to apply

• 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.

Applications

Expat mortgage applications are currently at an all-time high and the outlook for 2021 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. It is therefore not surprising that so many people want to invest in an ever-shrinking market.

Can we assist you?

If you are looking for a new or re-mortgage do get in contact and one of our qualified independent advisers will be happy to help.

 

There was a surge in re-mortgage activity in September and October of this year, as expat borrowers look to lock into cheap deals ahead of an expected interest rate rise.

Since the financial crisis in 2008 mortgage rates have steadily fallen.

However, with the Bank of England hinting that it could raise interest rates in the near future as Brexit fears take a grip, economists are predicting a hike could come as soon as January/February of next year.

Record low mortgage rates continue to sustain market activity, many of the Bank of England’s Monetary Policy Committee are now adding to the calls for an interest rate rise, this picture could very quickly change.

A “wait and see” approach is best avoided for existing expat UK homeowners considering re-mortgaging.

The number of expat mortgages approved also went up this year, suggesting the market is picking up steam before the Brexit outcome is decided..

Expats who avoid reviewing their current mortgage deal could well pay for this error in the long term as interest rates look to be going upwards. Not everybody will benefit from changing their mortgage, but it certainly makes sense to check how your existing deal stands up to the future.

Contact us.

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

 

A former Bank of England Monetary Policy Committee member has predicted that interest rates could rise significantly in the next few years.

Inflation has now caught up with wage growth causing a sharp consumer slowdown and the weak pound has also squeezed consumers and the expectation is that households will adjust their spending downwards.

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 to ensure you are on the best deal possible.

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

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.

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 independent advisers will be happy to assist.

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 25 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. The industry feels that the 1^st January 2021 is a key date with the regards to any increases that may be coming.

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.

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.