It seems that expat homeowners have taken our frequent warnings about upcoming mortgage rate rises to heart, as August & September saw a record number of re-mortgages completed. This month is the highest number of re-mortgages since October 2012. Septembers figure also marks an increase of 21.3% year-on-year and an impressive monthly increase of 53%.
This increase is also partly due to a number of fixed rate mortgages coming to an end while borrowers locked into attractive deals amid expectations of further interest rate rises a few years ago. Given that standard variable rates have been moving upwards, it’s hardly surprising that expat borrowers coming to the end of a fixed rate deal will look to re-mortgage rather than see their monthly repayments go up considerably. But it’s not only re-mortgagors that were active earlier this year.
Expat first timers
The number of new expat first-time buyers also increased in the second quarter which is somewhat surprising given the Coronavirus situation. It would seem expats want to get a foot on the ladder in the UK so to speak perhaps as a backup.
Even with the general slow down in property prices the UK still represents good long term potential growth.
Expats currently have an excellent choice of new and re-mortgages available at advantageous rates, best advice is to act sooner rather than later as these rates are expected to increase.
Can we help?
If you are looking for a new or re-mortgage, please do make contact and one of our fully qualified experienced independent advisers will be happy to assist.