Expat mortgages now much quicker
The time it takes to complete a new or re-mortgage for expat’s has reduced significantly in the last 18 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 18 months ago.
A survey of expats applying for a mortgage was taken recently and it clearly showed one of the most important factors in the mortgage process was the speed of advancement, a close second was ease of application.
Good news is the lenders have taken notice of the findings and have reacted well by speeding up the process considerably.
Expats are now using an independent broker more than ever before to secure their deals whether it be a new or re-mortgage. The survey showed using a broker will reduce completion times, they are fully versed in the expat mortgage process and able to react to the lender’s requirements much quicker.
2018 has seen a large increase in approved mortgage applications compared to the same period last year. These increases show how restrictions are being eased by lenders as they compete for every single bit of business. This coupled with record low-interest rates is indeed good news for the expat borrower.
Lenders are still holding interest rates steady as the prospect of the Bank of England raising rates has receded slightly. All this positive news is giving the borrower confidence in the longer term, what happens after the Brexit negotiations are complete remains to be seen.
Like to know more?
If you require help with your new or re-mortgage please do contact one of our fully qualified advisers who will be happy to assist.