There is little doubt within the expat mortgage market that this year is the year of the expat re-mortgage. You only need look at the rates being offered by lenders – particularly in the lower Loan to Value (LTV) bands. The rates currently on offer are not going to stay this low for much longer so if you are an expat and have a current variable rate mortgage review it sooner rather than later.
Research confirms that over 50% of all expat borrowers who move to their lender’s standard variable rate after their initial deal terminates do not re-mortgage or product transfer for 3-5 years.
Also the report shows a quarter of re-mortgagors said they find the whole re-mortgage process difficult, with 47% saying they didn’t have time to shop around.
The “shopping around” mentality is clearly far more embedded in the UK consumer than ever before; however this doesn’t always translate to mortgage borrowers, even when the savings that can be achieved are substantial.
Expats need to get the message that re-mortgaging is where significant savings can be made – especially with rates as they are now. Rates are unlikely to remain this low for much longer so acting now could save thousand in the future. If you are an expat on a standard rate mortgage would you like to save upwards of £2300 PER YEAR? These savings are of course dependent on the size of mortgage you have but surely it is worth checking.
Warning – A re-mortgage is not always suitable for everybody as your existing deal may well have penalties attached to change within the discounted period. It is always recommended to seek professional help as to what is best advice to suit your needs.
Can we help?
If you are looking to secure a new or re-mortgage please do make contact and one of our independent advisers will be happy to assist.