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Expat mortgage borrowing growing

Mortgage borrowing in the expat sector is over 30% higher overall than 12 months ago recent figures show. The number of mortgage applications for October, November and December 2018 combined also saw the highest numbers for the last 3 years.

The really good news for the expat borrower is that application approvals reached a record high in 2018 and look set to continue in this vain.

It has indeed been an extremely busy year for brokers and lenders alike as expat borrowers have taken advantage of the low interest rates that are on offer. Brokers around the Country believe business has been enhance by the Brexit situation with Brits wanting a foothold on the UK property market.

Re-mortgaging numbers in particular have been rising month on month and continue to do so. Homeowners have recognised that interest rates are due to increase in 2019 and have taken advantage of the very good fixed rate deals that are available. The wise expat will move to re-mortgage now sooner rather than later as rises in interest rates are expected very soon.


If you are one of the thousands of expats who have not re-mortgaged, and you are still on a standard variable rate deal now is the time to review your circumstances. If the predictions are correct interest rates are due to rise early in the 2019 with further rises on the horizon. Good news is there are still some very good fixed and discount deals on offer, but it’s likely they won’t be around for much longer.

Can we assist?

If you require some help with your current or new mortgage please do call one of our fully qualified advisers.

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Bank of England base rate held at 0.75%

BThe Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75%.

The rate has stayed at this level since it was raised from 0.50% in early August last year.

The meeting minutes show that the committee believes that the softer growth seen both domestically and internationally is “likely to prove only temporary,” and that CPI inflation is expected to settle a “little above 2% in the medium term”. Currently it sits at 2.1%.

The minutes go on to say that if the economy were to develop as expected, monetary policy would be tightened “at a gradual pace and to a limited extent.”

In terms of the housing market, the MPC expects the UK House Price Index to be broadly flat in the first quarter of this year, in line with indicators provided by Nationwide and Rightmove. Furthermore, the committee expects housing investment to fall within the same time frame.

The decision to hold rates was widely expected by both the market and commentators, given the continued uncertainty around Brexit.

Although inflation remains slightly above the 2% level and real wage growth continues its current trend, the MPC looks to have remained cautious in its approach, wanting to wait until the outcome on Brexit is known before raising rates further.

Assuming a Brexit deal can be reached before 29 March, the MPC will now likely wait until after this point before hiking rates again.

This is good news for expats with mortgages, however, if you are an expat who has a mortgage on a variable rate it would be a good idea to review it as soon as possible.

Help required?

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

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Expats looking to fix deals

Expat mortgage business continues to flourish in 2019, both re-mortgage and new applications have increased as interest rates remain in the borrowers favour.

Expats are very keen to secure and expand their holdings in the UK due to the potential long-term profits that the property market offers. A large number of expats have seen the buy-to-let market as an area of good returns whilst they are living overseas, and this continues to create a lot of interest.

Currently the biggest growth area within the expat mortgage business are fixed rate deals. Since the turn of the year and the latter part of 2018 fixed rate deals have attracted a great deal of interest.

Our advisers are reporting more and more expats are asking about fixing their mortgages as they are concerned that rates may be on the increase sooner rather than later.

Is now a good time to revert to a fixed deal?

Both UK residents and expats may wish to review their current mortgage deal to take advantage of the current low rates on offer. It is very important to remember that to cancel your current deal may not always be the best advice due to exit fees. However, if you are at the end of your current deal or on a standard rate it could be a very good time to consider a fixed deal.

At this present time there is a good range of fixed deals on offer ranging from 2 -10 years. It would be very wise to seek professional advice as to which one may suit your needs as all people have different objectives.

Can we be of assistance?

If you require some help with your mortgage or re-mortgage please do call one of our fully qualified advisers and we will be pleased to help.