Why are Expat Mortgage Rates Higher?
If you are a UK expat and currently looking at the mortgage rates available for your UK property, chances are you will be a little surprised at how high the rates are. Don’t worry, it’s not just you. Here’s why…
Whether you are buying a new investment property or remortgaging an existing one, there are two factors as to why lenders will see you a higher risk:
- Your salary is paid in a non-GBP currency
- If you fail to keep up with repayments, you are harder to track down outside of the UK.
Back in 2016, there were so few lenders offering expat mortgages, you just had to take the hit on the higher rate and move on. However, here is the good news, the market has changed significantly since then.
The expat lending market is much larger than it used to be, with lots of additional lenders now offering products within this niche market, which is great news for those looking for a mortgage.
With a large chunk of these lenders not dealing directly with consumers, you will need an expat mortgage broker to ensure you get the best deal available. That is wheres Expat Mortgage Expert come in!
We are here and ready to support you – contact us today.