Approvals for house purchases in the UK by expats increased towards the end of 2020 and 2021 has followed the same pattern according to the latest figures from the Bank of England.
The number of expat loan approvals for purchasing in the last 3 months is up a massive 21% on the same period last year. Re-mortgaging saw an astonishing increase of 41% over the same period. These high figures are most likely are due to the Brexit conclusion.
The next few months are likely to be less active, but at present we can confirm business is highly active with the buy-to-let market surprisingly leading the way.
Re-mortgaging in the expat market continues to be very buoyant as homeowners look to lock in advantageous interest rates which are still currently on offer. These rates are likely to disappear as the year progresses if the experts are correct as a rate rise is expected.
There are many reasons you may wish to consider a re-mortgage and it is without any doubt something every expat homeowner should consider, especially if you are stuck on your current lenders standard variable rate. It is not always best advice as your current deal may have conditions that are not beneficial to re-mortgaging, but you should take time to review on a regular basis. So why re-mortgage?
1) Secure a better rate of interest than you are currently paying.
2) Change current deal to a fixed rate for long term security.
3) Raising capital from equity within your property.
Our professional team of fully qualified independent advisers are used to dealing with all types of expat re-mortgage/mortgage business. Please do call to discuss your requirements and we will be happy to help.