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