Expats are quickly moving to fixed rate mortgage deals more frequently than ever before. Brokers around the country are reporting a significant increase in re-mortgaging to a fixed deal in the last 9 months.
Base rates may well be on hold at present and mortgage rates are at the lowest they have been for many years. One thing is for certain if the base rate rises then mortgage interest rates will very soon follow suit.
A recent survey of expats showed that if this did happen over 46% will not be prepared for the increased expenditure. The survey shows the majority of people have taken for granted the current low rates on offer. This may well be a very dangerous attitude to adopt as things can change very quickly in the world of finance. The uncertainty of Brexit looms over the mortgage market and experts are predicting controlled interest rate increases are coming sooner rather than later.
Protecting yourself is easy
With all the above considered it is a very good time to look more closely at your current mortgage deal.
Every expat will have different needs and objectives but one thing we all have in common is saving money. If your current mortgage deal has no exit penalty or is coming to the end of its deal period you may wish to look at a fixed rate deal.
Good news is there is a competitive selection of deals on offer and these should be given due consideration if you want to maintain lower interest payments.
Can we help?
If you require assistance or would like to talk over your current mortgage contract please do call one of our experienced advisers and we will be pleased to help.