House prices will rise between 3% & 5% across the UK this year, according to figures released by one of the major high street banks.

If these figures are achieved it follows the trend of this year, the report states increase in values could be stifled by the possibility of interest rate rises. Another factor that could possibly slow growth down is first time buyers being unable to get onto the property ladder.

As an expat with property in the UK if you compare this annual growth to what could be achieve from an investment in any high street bank, property looks a particularly good bet indeed.

Interestingly the report states they expect growth to slow slightly more in central London than elsewhere. The reason for this is the sheer lack of earnings to meet the rising costs of property. People looking to move into London and the surrounding areas just cannot get jobs that pay enough to support any form of mortgage.

Property in very short supply

There has been and still is a shortage of supply which constrains activity in the housing market and levels of house building remain low.

It is believed due to the shortage of property available that house prices will remain stable for the foreseeable future which spells good news for expats with property in the UK.

Mortgages

Expat mortgages remain relatively easy to obtain with a good selection of products available. This is expected to remain constant for the coming year with the prospect of one new lenders entering the market.

Need some help?

If you require any assistance with your new or existing mortgage please do call one of our fully qualified independent advisers who will be happy to help.

Double digit annual growth means the equity in many homeowners’ properties will have increased a great deal in the last two years.

Figures show since the start of the pandemic the average home has increased in value by £47,568.

Many homeowners will therefore be in a position to move up an ‘LTV band’. LTV or – loan-to-value (LTV) ratio – refers to the proportion of your property’s value you need to borrow.

It maybe you are a few hundred pounds away from being able to change to a 75% LTV band which will mean you can get much better rates. Speak to an independent adviser as they can help you to achieve this.

Will the cost-of-living crisis impact my re-mortgage affordability?

There’s another reason why it’s worth re-mortgaging now rather than in a few months’ time. The cost-of-living crisis means many of us are noticing a big difference to our day-to-day spending.

From an extra £10 when you fill up your car, to the cost of your supermarket shop going up each week to the knowledge you are going to be paying an additional £600 or more on your heating bill over the year – you will probably be paying out more now than you were when you took out your mortgage.

Although lenders assess living costs when assessing mortgage applications, many have not yet updated their affordability calculators to take the current situation into account.

Therefore, by re-mortgaging now you can take advantage of a some offers which many will not there in a few weeks.

Mortgage offers last, in general, for six months. For new builds it might be longer. So, if your mortgage is due to expire in the next six months you can lock into a better deal whilst conditions are good.

Need help?

Please do make contact and one of our independent advisers will be happy to assist.

A former Bank of England Monetary Policy Committee member has predicted that interest rates could rise significantly in the next few years. This forecast is based on the lack of progression of the Brexit negotiations and what effect that could have on interest rates.

Inflation has now caught up with wage growth causing a sharp consumer slowdown and the weak pound has also squeezed consumers and the expectation is that households will adjust their spending downwards.

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 very good, but it is most certainly worth checking.

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.

Expat landlords remain very confident despite all the tax and regulatory changes that have taken place. The latest survey taken recently shows that rental yields are growing modestly while tenant demand for buy-to-let property remains high in the UK.

Expat landlords are still looking to add to their portfolios amidst all this doom and gloom. One in every 5 expat landlords surveyed clearly stated they would like to increase their property holding within the next 5 years.

Demand for good quality property in the UK remains high, expats see the UK property market as a sound and secure long-term investment. One landlord interviewed said, “as long as the rental income covers the mortgage payment I will remain happy”. “I am confident that in 10 years my properties will have increased substantially in value, and this is what I am looking for”.

There is no reason to suspect that property values will reduce in the near future, in fact due to demand they are likely to continue to increase.

Expat buy-to-let re-mortgage

Those existing expat landlords who are looking for ways to increase their property portfolios are raising deposits by re-mortgaging their existing properties to release the equity.

With UK property prices increasing all the time you could be very surprised just how much equity is sitting there unused. Please do seek advice before embarking on this course of action as it is not always suitable and could be a very negative move in the long term.

Mortgage assistance?

If you are contemplating entering this market or require assistance with a mortgage/re-mortgage please do contact us. We have experienced independent advisers who will find the correct deal for you.

Most expats have a strong desire to buy or retain ownership of a residential property in the UK due to ever increasing property prices.

Certain parts of the country are stagnating in terms of increasing but overall the UK market is as vibrant as ever. There is still a lack of housing which makes the buy-to-let market very attractive to expats who want a foothold in the UK and achieve a return on their capital. If you look at the interest rates on offer at the major banks it’s little wonder why expats don’t see savings as a way forward.

Whatever reasons you may have for considering purchasing a house or flat in the UK, the good news is that there are lenders who are more than willing to offer expats mortgages. Many providers don’t even advertise the fact.

The expat mortgage market is very complex, and you should seek professional advice as to what product best meets your needs. We have a select number of companies offering very favourable rates which are tailored to suit most needs, including buy to let.

Items you will need to apply

• Contact details, email, whatAspp etc
• Property purchase details
• Deposit available
• Certified proof of address
• Certified ID (Passport)
• Bank statements (Normally 6 months)
• Wage slips (Normally 6 months)
• Certified accounts if self-employed.

These requirements vary from lender to lender and the above is just to give you a guide to help speed up the process. Contact us for any assistance you may require.

Can we assist you?

If you are looking for a new or re-mortgage do get in contact and one of our qualified independent advisers will be happy to help.