2019 saw the expat re-mortgaging market increase dramatically, often because the mortgage term had come to an end. The most common reason was switching to a fixed rate deal, with such good rates on offer expats see this as good alternative.
This type of mortgage gives clients certainty about what future payments will be for the period of the fixed term. With predicted unsettled times ahead due to the Brexit talks this type of mortgage could be a wise move indeed. Expats should take time to review their current mortgage deal as many experts are predicting interest rate increases in the near future.
With property prices still increasing expats are also re-mortgaging to release equity that has built up over the years.
Is there a good time to re-mortgage?
Rates are very low at this moment in time and there is a lot of debate to when they will rise again. A lot of industry experts anticipate that they will do mid to late summer this year.
If this is to be the case now could be a very good time to consider a re-mortgage. Brexit is without doubt driving these fears but if your mortgage term has come or is coming to an end do review it as you could be saving yourself a great deal of money.
Mortgages offer much lower interest rates than store and credit cards, so you might wish to take the opportunity of consolidating your debts by using the equity built up. You could well end up paying a lot less each month than you were before by taking this course of action.
As there are many pros and cons to re-mortgaging, all aspects need to be carefully considered and advice should be sought from a professional independent mortgage adviser.
Can we help?
If you require a new or re-mortgage, please do make contact and one of our independent advisers will be happy to assist.