Mortgage borrowing in the expat sector is over 26% higher overall than 12 months ago recent figures show. The number of mortgage applications for May, June & July combined also saw the highest numbers for the last 3 years. This is surprising to the market as it was muted that the coronavirus would have an adverse effect.
The really good news for the expat borrower is that application approvals have reached a record high in 2020 and look set to continue in this vain.
It has indeed been an extremely busy year for brokers and lenders alike as expat borrowers have taken advantage of the low interest rates that are on offer. Brokers around the Country believe business has been enhance by the Brexit situation with Brits wanting a foothold on the UK property market.
Re-mortgaging numbers in particular have been rising month on month and continue to do so. Expats have recognised that interest rates could be due to increase, perhaps later in 2020 and have taken advantage of the exceptionally good fixed rate deals that are available. The wise expat will move to re-mortgage now sooner rather than later.
If you are one of the thousands of expats who have not re-mortgaged, and you are still on a standard variable rate deal now is the time to review your circumstances. If the predictions are correct interest rates are due to rise early in the 2021 with further rises on the horizon.
Good news is there are still some very good fixed and discount deals on offer, but it’s likely they won’t be around for much longer.
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If you require some help with your current or new mortgage please do call one of our fully qualified advisers.