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Expats with a UK mortgage should read

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.


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House prices on the up again

Expats who own or contemplating owning a property in the UK will be pleased to know the average home now costs nearly a quarter of a million pounds with mortgage approvals hitting their highest level since the financial crisis erupted.

Rising activity in the housing market pushed the price of the average home up 7.3% in the last 12 months to £249,870, according to the Halifax index for September.

Further evidence of the lockdown mini boom came as expat lenders recorded the highest level of approvals since October 2008, adding that they had also received more expat mortgage applications from both first-time buyers and re-mortgagers than any time since 2008.

Experts predict the uptick to be short lived however, claiming demand is being driven by a combination of pent-up demand released after the lockdown market freeze, the stamp duty cut.

According to this official data, average house prices stood at £255,000 in England, £170,000 in Wales, £155,000 in Scotland and £141,000 in Norther Ireland.

Most forecast the market to cool off in coming months as demand wanes and the economic realities of the pandemic start to become more apparent.

With the final stages of Brexit looming and the uncertainties ahead wise expats are buying now rather than the wait and see approach.

Is it a good time to buy in the UK?

The very quick and simple answer is yes.

The affordable properties that are available to purchase seem to be diminishing on an daily basis, which without doubt will mean higher prices to pay in the future. The good thing is there are still some particularly good mortgage deals around for expats so it could be the right time to start your search.

Need assistance?

If you require help with your current or new mortgage please call one of our experienced advisers who will be happy to assist.

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Expat mortgages are now easier and quicker to complete

The time it takes to complete a new or re-mortgage for expat’s has reduced significantly in the last 2 years.

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 6 weeks which is significantly quicker than this time last year.

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.

Use an independent broker

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 lenders requirements much quicker.

2020 has seen a large increase of 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 too know more?

If you require help with your new or re-mortgage please do contact one of our fully qualified independent advisers who will be happy to assist.


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Expat seem to be focusing on buy-to-let’s

A recent report has shown a large increase in expat buy-to-let business, figures show expats are increasing their portfolios as quickly as they can. This year has seen a surge of first time buy-to-let applications.

A new survey shows more than 50% of existing expat landlords are looking to increase their portfolios as they see particularly good profits in the long term. Brexit may be playing a part in expats thinking as well.

At this present time all is in the favour of the landlord with low mortgage interest rates and stable rental incomes.  It has become much easier in the last 12 months for expats to be able to secure a mortgage if the required deposit levels are available.

Lenders are without doubt seeing this marketplace as a growth area and more and more deals are becoming available on a daily basis. If you are thinking of going into this area of investment call us and we will be pleased to talk over your options.

Buy to let mortgages

UK and expat landlords are reaping rewards from lower mortgage charges and longer fixed rate deals. We always recommend talking to a professional independent adviser as some deals are not quite what they seem.

Competition in the marketplace is forcing lenders to reduce charges and fees as well as offering longer fixed rate deals.

Need some assistance?

If we can help with your new mortgage please call one of our fully experienced independent advisers, we are here to help!

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Expats could get a well-earned bonus?

More than a fifth of expat mortgage borrowers are not keen to move to a new lender, no matter how good a new deal they are offered, according to research. Mortgage experts say staying with your existing mortgage provider could be the equivalent of turning down a good pay rise or bonus.

According to the new data, more than a third of expat borrowers haven’t changed their mortgage in the past five years, despite better deals on offer. This means that expat UK homeowners could be unnecessarily overpaying by thousands of pounds a year. Just ask yourself, when was the last time you reviewed your mortgage?

Most at risk of overpaying are expat homeowners whose deals have ended and have moved to their provider’s standard variable rate (SVR).

Now is the time to consider re-mortgaging as rates are likely to rise in the near future. Borrowers on a SVR could save the equivalent of a monthly pay rise or an annual family holiday.

Mortgage rates came down again this year, but this is about to end if you believe what the experts are saying. Rates could start to rise as early as November so if you are on a SVR mortgage get it reviewed urgently.

Could you give yourself the equivalent of a cash bonus by re-mortgaging?

The simple answer to this question is YES! If you have a current deal with no penalties to change It is strongly advised you to contact us to see what is available.

Your mortgage is likely your biggest financial obligation; don’t let it be your biggest blind spot.

Can we assist?

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


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Expats seem to favour fixed deals

Mortgages with five-year fixed rates have undergone a surge in popularity within the expat community, nearly half of the completed deals recently have been for 5 years or more.

Mortgage brokers think the fact the Bank of England base rate is currently low, coupled with fears over future rate rises, is main driver behind the soaring popularity of five-year deals, which allow customers to lock into a specified rate for a longer term.

Potential pitfalls of five-year deals

While they provide a certain amount of security, five-year fixes aren’t necessarily for everyone. Indeed, several of those questioned in the survey of 200 mortgage intermediaries raised concerns.

They stressed that products with a longer term initial fixed period might only be suitable for customers who expected to retain their current property for an extended period. This was because Expats considering a house sale might have to pay early redemption penalties which could outweigh the benefits of a longer-term deal.

Low interest rates, economic uncertainty around Brexit and now Covid-19, a reduction in home-mover transactions and more re-mortgaging means that five-year products have become a viable option for a much larger proportion of Expats but do get advice before proceeding.


Going forward, the brokers questioned, did not see any reason for five-year fixed rates to fall out of favour. Brexit and now the Coronavirus could well keep interest rates stable for the time being.

In need of some guidance?

Can we be of assistance with your new mortgage/re-mortgage we have fully qualified independent advisers waiting to help you.