Expats are you paying out more than you need to?

Expats with mortgage agreements set to expire, or who are currently on their lender’s default rate, may reduce costs by over £4,500 through switching to a fixed-rate product.

According to a recent report encouraging remortgaging, the research indicates that moving from the lender’s Standard Variable Rate (SVR) could result in savings of more than £4,500 within a year.

If borrowers do not re-mortgage when their initial term ends, they move to the standard variable rate (SVR), which is typically higher. If the Bank of England raises interest rates as some predict, lenders may also increase their SVR. Therefore, expat borrowers whose deals are ending or who have moved to the SVR may consider switching to a new fixed-rate deal.

It is important to note that there is currently a wide range of higher loan deals available, which may make remortgaging a more appealing option.

Time to review your mortgage deal?

Mortgage rates are not expected to decrease in the near future, so some borrowers may consider securing a fixed-rate mortgage deal at this time. Those who are currently on an SVR or approaching the end of their term could reduce their mortgage costs, potentially freeing up funds for other uses, such as home improvements or travel.

Use an independent broker to review your mortgage

The only guaranteed interest rate is the current one available. If you are considering refinancing your mortgage, consulting a mortgage broker may provide access to different deals. It is important to consider any additional charges, early redemption penalties, locked-in interest rates, and future projections.

Brokers offer access to various mortgage options and can use their knowledge to identify deals that may not be readily apparent.

Can we help?

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

Expat Brit Mortgage Options? Expats and the buy to let market

Recent data indicates about 280,000 expats own property in the UK, with most renting them out for extra income.

Demand for quality rental homes continues to grow as many prospective first-time buyers struggle to enter the market.

Rents are currently at record highs and are expected to increase further this year. Despite a challenging year, expat landlords remain optimistic, as UK property values rose 4-5% last year.

Expats are re-mortgaging to release equity.

 Expat mortgage activity is strong, particularly in re-mortgages as expats seek to unlock capital from UK properties.

As of June, the average amount released per case exceeds £48,000, with re-mortgages up 18.5% year-to-date. February and March were notably robust months for expat mortgage lending.

New expat higher loan to value mortgages are now available

The average number of expat enquiries has increased significantly this financial year, as more expatriates seek to enter the UK property market, particularly in light of higher loan-to-value ratios now being available.

Despite ongoing global uncertainty, the UK property market continues to be regarded as one of the most attractive investment opportunities. Many employed expatriates residing overseas consistently aim to retain and expand their UK property portfolios, as property markets in other European countries generally do not yield equivalent returns.

Need assistance?

Our professional independent advisers are used to dealing with all types of expat buy-to-let mortgages, they have vast experience in this area. Please do call to discuss your requirements and we will be happy to help.

Are Mortgages Available To UK Expats? I’m an Expat can I get a mortgage on a UK property?

Scenario

I want to get a UK residential mortgage and have a deposit of about £50,000. I am a salaried employee in a US based company and paid in US dollars

However, I am currently in Asia and am mostly paid by US-based organisations.

Is there any hope for me?

Answer

It is perfectly possible for you to get a mortgage while working abroad if you are salaried in the following currencies.

Sterling, Euro, Swiss Franc, Norwegian Krone, US Dollar, Canadian Dollar, Singapore Dollar, Hong Kong Dollar, UAE Dirham, Kuwaiti Dinar, Qatari Riyal, Australian Dollar, New Zealand Dollar, Danish Krone, Swedish Krona, Saudi Riyal.

You just need to use a mortgage adviser who is familiar with what are called expat mortgages. These are mortgages for UK nationals who, like you, are working abroad but want to buy property in the UK, whether it’s on a residential or buy-to-let basis.

UK expats do find it harder to get a mortgage than Britons on the mainland. Harder, yes, but not impossible. Especially when you use a specialist independent expat broker. Expat Brokers know which lenders are likely to lend to you and which will do so on the best terms for your personal circumstances.

A specialist should be able to help with interest-only mortgages, financing for the self-employed, buy to let, unusually constructed properties and unusual mortgage terms.

Like to 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.

How Can A UK Expat Invest In UK Property ? Expats are exploring the UK market more than ever before!

This week estate agents around the country are reporting a high demand for low end quality properties with first-time expat buyers being very active.

One agent in the North of the country said, “We are getting a lot of enquiries from people living abroad (Expats) and they want a property at the low end of the market in good condition”.

The UK property market continues on an upward spiral and offers longer term growth and security.

Expat mortgage lenders have now made higher loan to value deals readily available; this is fueling the interest along with the instability around world.

Expat mortgage brokers are also reporting high levels of business this year with the main interest in buy-to-let and holiday lets.

Independent brokers are vital for ease and efficiency

Not only can brokers offer a far wider range of products, ther are options for consumers which they may otherwise not have access to. And or the time to find, but their invaluable expertise will be able to help you secure a great deal on your mortgage.

What a broker will do for you?

The broker will take control of the mortgage process, therefore relieving you of the stress and paperwork. They will be able to deal with the mortgage company supplying the loan and answer any queries they may have, saving you time and money.

Help required?

If you are an expat looking for a new or re-mortgage, please do get in touch. One of our fully qualified independent advisers will be happy to assist.

Expat Landlords Needed. Expats looking to invest in UK property

Firstly If you are an expat and considering buying a new property. As such in the UK or expanding your current portfolio you may wish to read on!

Rents around the Country are set to soar

Rents are set to surge by 17% over the next five years. This as a shortage of properties pushes up prices.

The reduction of new property coming to the market last month was the most striking aspect of the market, with 27% more surveyors noting a fall rather than a rise in new landlord instructions. It is the eighth consecutive month of declining supply.

The shortfall will have a limited impact in the short term, raising rents by around 2-4% nationally, but by 2029 there will be a significant increase in costs for tenants, according to the findings.

Raising an expat UK mortgage

Finding a property you want in the UK is the first step and is relatively easily done. The next issue to address is raising that all important expat mortgage.

Good news is this is not as difficult as it sounds so don’t be put off or misinformed. Always by what you may hear from the banks overseas. The expat mortgage market has grown significantly over the last 2 years and lenders are very keen to secure your business.

With the correct advice and support securing an expat mortgage can be a very simple process. Getting this support is a vital component in the chain of events, due to the applicant’s location, as it is likely he or she will be living abroad.

Using a broker registered with the FSA in the UK you’ll enjoy a number of advantages compare to “going it alone”.

These include:

• Choice of deals currently available
• Choice of lenders
• Expert advice
• Fully qualified adviser
• FSA regulated

Can we assist?

Finally If you require help with your new or re-mortgage, please do contact. One of our fully qualified independent advisers.