In March 2020 the Bank of England made two emergency cuts to the base rate, The cut from 0.25% to 0.1%, made in response to the coronavirus pandemic, means the base rate is at its lowest level in the Bank’s 325-year history.
In the immediate aftermath of this reduction, banks and building societies withdrew some of their mortgage products.
Among the most common deals to be pulled were tracker mortgages and loans for people borrowing a high percentage of their property’s value.
The good news is that lenders that had pulled products are beginning to launch new deals for both fixed rate and tracker mortgages.
It’s very positive that we are beginning to see providers return products to their ranges and launch new deals, including some in the higher loan-to-value sectors.
These changes may be an early indication that lenders have begun to adapt to the exceptional economic and operational changes of recent weeks in order to continue supporting their customers, and that hopefully more providers will be following suit in the days ahead.
How much choice is there if I am looking for a new mortgage deal?
While the number of deals available for expats has continued to fall since the beginning of April 2020, there are still a good range of mortgages to choose from.
Choice is widest for people with large equity stakes in their homes or big deposits to put down.
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.