EExpat mortgage business is very buoyant currently and in particular the re-mortgage area as expats look to released locked capital within their UK properties.
A recent report shows the average amount released currently stands at over £44,000 per case as of the end of January this year and the number of re-mortgages rose by 12.5% year to date.
There seems to be within the expat community a Brexit caution mode at present, expats are re-mortgaging to fix the deal to alleviate potential problems any Brexit decision could make.
The report shows December and January witnessed a very strong month for mortgage lending within the expat community as house buyers rushed through purchases. This high activity is attributed to the ongoing Brexit situation.
Our director of operations commented “It would seem expats have re-mortgaged their current UK property to raise funding for further purchases within the buy-to-let market”.
Over the coming week’s speculation about Brexit will continue to dominate the news and have an unsettling effect on the markets. However, this should not dissuade people from re-mortgaging if there is a financial benefit to the borrower.
There are some very good re-mortgage deals on offer currently with extremely good interest rates being available. If you are considering a re-mortgage it may well be prudent to explore what fixed deals are on offer as at some stage interest rates are likely to rise.
Can we help?
If you are contemplating a new or re-mortgage please do make contact and one of our fully qualified advisers who will be happy to assist.