Can A Brit Expat Get A Fixed Rate Mortgage ?

Can A Brit Expat Geat A Fixed Rate Mortgage ? Expats are advised to review their monthly mortgage payments to ensure accuracy and compliance with current financial obligations.

Switching from an unfavourable mortgage could save you up to £3,000 per year.

It’s estimated that over 20,000 expats are languishing on their lender’s standard variable rate (SVR). Also if you are one of them it would be a wise move to review your mortgage NOW.

How to save

Start investigating into switching your mortgage at least three months before your initial term ends. Therefore when the initial term of a mortgage ends, lenders transfer customers onto their Standard Variable Rate (SVR).

Get professional help to secure the best possible deal to meet your ongoing needs.

Overpay while interest rates are favourable – Interest rates may have crept up recently but they’re still historically low. If you’re in a position where you can afford to overpay on your mortgage, this is as good as investing money long term as it can reduce your overall debt.

Expats are tending to fix for longer

Popularity of longer-term deals had waned at the start of the year. With expat borrowers opting to fix their mortgage for two years, according to the latest report.

Greater competition from lenders keen to lure in borrowers for longer terms and rate rises on five-year deals increasing far less than those of the two-year options has caused a shift.

In April this year demand for five-year fixed-rate re-mortgages went up 40%, representing half the market according to the report. In March they made up just 28% of this market.

It also emerged the number of expat borrowers using a independent broker to re-mortgage has also hit a record high in April and May increasing from 72% in March to 84%.

Can we help?

If you are looking for a new or re-mortgage, please make contact. And one of our independent advisers will be happy to assist.