Expats are cashing in
The expat new and re-mortgage market last year saw increased activity especially towards the latter part of the year. Applications for re-mortgages rose by 48% over 2016 and have to date continued in the same vein into 2018.
With the value of UK property still on the rise month on month expats have seen this as an opportunity to raise capital for alternative ventures. It is expected that property values will continue to rise over the next few years albeit at a lesser pace. The Brexit negotiations are allegedly heading to a successful conclusion but as we all know this could change at any time. The chancellor is predicting interest rate rises in the future but at a “steady” pace. All these factors are giving expats confidence in the future and capital raising seems to be the order of the day.
Lenders have responded to this activity and increased the number of mortgages available to the expat. Expats now have a good range of products to choose from with competitive rates on offer.
If you are thinking of re-mortgaging there are many pros and cons and all aspects need to be carefully considered before any decision is made. It is recommended that you seek professional advice as to whether this suits your needs both in the short and longer term.
Will rates increase?
I guess this is the “million dollars” question, if all the predictions for the long term are to be believed it is likely we will see rate increases later in the year. It is most likely these increases (if any) will be on a small scale as the Chancellor said in November last year.
Need some help?
If you are thinking of re-mortgaging or want advice on a new mortgage please do call and one of our fully qualified advisers who will be happy to assist.