Recent figures just released show expat re-mortgage business is at an all-time high and rising. Looking back at the start of 2018 re-mortgage applications to date are 32.5% higher than the same period last year.
The vast majority of expat re-mortgages are borrowers taking advantage of the still low interest rates currently on offer as their fixed deals mature. The survey highlighted more than 43% of all people re-mortgaging saved on average £304.00 on their monthly payments. Many also re-mortgaged to fix their monthly payments again as they fear more interest rate rises are inevitable later in the year.
Many expats whilst re-mortgaging also released capital that had accumulated over the years, the average amounted to £22,800 per re-mortgage.
Top 5 reasons to re-mortgage
- Better rate of interest
- Revert to a fixed rate
- Raise cash to pay off expensive loans
- Reduce or clear expensive credit cards
- Raise cash to assist child secure a mortgage
What is very encouraging is to see borrowers taking more control of their finances and seeking advice as to the best way forward after their existing mortgage deal matures. Years gone by many expat homeowners who had secured their mortgage deal just forgot all about it and “buried their heads in the sand” on maturity of the deal.
There are many pros and cons to re-mortgaging and all aspects need to be carefully considered to ensure it is beneficial for you. Always seek professional advice from a qualified mortgage adviser who will be able to guide you in the right direction, a wrong move could be very costly in the long term.
Need some advice?
If you are considering a new or re-mortgage and require some help please do call one of our fully qualified advisers.