The market so far has been largely unmoved by Brexit. Lenders have continued to drop interest rates across the board since last summer which indicates a lack of concern currently. There seems to still be a large appetite for banks to lend. The rates are very competitive and there are still plenty of high loan-to-value mortgages available to consumers.
If anything is to bring this to halt then it would be the Bank of England base rate rising. If the bank were to raise rates from 0.25 per cent to 0.5 per cent, the impact would be greater than just a rise in mortgage repayment, because inevitably confidence will take a hit. Yet so far, there have not been any firm indications that this is the way the Bank of England wants things to go.
If you are an expat with a mortgaged property in the UK now is a great time to lock in a new deal for the next few years and make the most of the low rates on offer.
Expats re-mortgaging for value
Expat re-mortgaging levels have soared to an eight-year high in September as borrowers take advantage of lower monthly repayments the latest figures have revealed.
The value of re-mortgaging fell due to a drop in the average loan size, but with overall mortgage activity down it still accounted for two-fifths of total lending in September
Expat borrowing activity has been fuelled by the lower rates on offer, rates currently are the lowest they have been for the last 7 years.
Expats who have not reviewed their current mortgage deal recently would be well advised to do so as rates are expected to rise in the future.
If you would like to review your current mortgage please do make contact and one of our fully experienced independent advisers will be happy to assist.