There is no doubt the developments in the expat mortgage market in response to the coronavirus crisis are moving at a frenetic pace. Helping clients is crucial for everyone in the industry currently, keeping on top of all of these updates to help navigate the best options for individuals is very important at this time.
Although you may have seen some press articles on the number of mortgage products decreasing from the market, re-mortgage products are still freely available.
As such, this period represents a great opportunity for expat UK homeowners to save money on their mortgage with some of the great low rates currently available.
If your current mortgage rate is coming to an end, despite this Covid-19 scenario the lender would still hike your rate up to their standard variable if you do not look into your re-mortgage options. There are some great mortgage deals being offered by lenders currently.
You may have seen some press reporting that surveyors are not considered ‘key workers’ and hence are not allowed to go out to visit and value properties (i.e. a “physical valuation”). Therefore naturally, you may be concerned about whether you can apply for a re-mortgage during this time. We have been in continual discussions with lenders and the good news is that more and more lenders are now able to do some valuations for re-mortgages without the need for a home visit, using market data and knowledge of the location to estimate the value. An intermediary can help guide you on what lenders offer these types of valuations.
Can we help?
If you are looking for a new or re-mortgage please do make contact and one of our qualified independent advisers will be happy to assist.