We have seen a significant increase from expats wanting to secure property in the UK due to falling house prices in the majority of European countries. Since the Brexit vote interest as increased substantially as expats want to secure a foothold in their native country. Expats living in France and Belgium, for example, have seen property values drop by as much as 15% over the last 5 years. Spanish owners have also seen tough times over the last few years but there are signs the market is beginning to level out at last.
The UK property market continues to be on an upward spiral even after the recent events and offers security in the longer term. Mortgage lenders are still offering good rates to attract new customers on long and short-term deals, so overall now seems an appropriate time to invest in the UK.
Expats who have existing properties in the UK are also getting very wise to the re-mortgage market as their current deals come to an end. With the likelihood of a rate rise soon, now would be a very good time to review your mortgage if you have one.
Re-mortgaging to get the best rates of interest and save money
When taking out a new mortgage it is normal to get an introductory rate, for example, it may be a low fixed or discounted rate or a low tracker rate for the first few years.
Introductory deals normally last for between 2 to 5 years but some are only months. Once the deal comes to an end it is likely the mortgage reverts to the standard variable rate which can then start to cost you extra money.
It is advisable when your deal ends to contact us to review your needs, we will search the marketplace for the best deal to suit your current needs.
If you would like to discuss your mortgage requirements please do make contact and one of our advisers will be happy to assist.