Month: March 2023

Categories
Advice

Benefits of UK Property During Economic Uncertainty

In today’s volatile financial climate, investors and savers are searching for safe havens for their money. Amid news of bank failures and market instability, the UK property market is proving to be an attractive option. At IMS, we understand the concerns of international investors and the need for a stable investment. That’s why we are highlighting the benefits of purchasing UK property at this uncertain time.

Lower prices, increased rental returns to counter interest rate rises and the safety of a tangible asset are just a few of the reasons why property investment is an excellent option. With our expert guidance and extensive knowledge of the UK mortgage market, we can help international investors navigate the purchasing process and secure their ideal property.

At IMS, we pride ourselves on providing bespoke solutions tailored to individual needs, whether you’re an expat or foreign national looking to purchase a property in the UK. Our team of experienced mortgage brokers will guide you through the entire process, from finding the right property to securing a competitive mortgage rate.

At IMS, we understand the benefits of purchasing UK property in uncertain times. As experienced mortgage brokers, we can assist you in financing your investment in UK property. Contact us today at contact@mortgageims.com to discuss further and take advantage of the current market conditions.

Categories
Advice Mortgages

Mortgage rates cooling despite the latest BoE Base Rate increase

The Bank of England raised the base rate again in February, but this doesn’t seem to be affecting mortgage rates as much as in the past. In fact, mortgage rates are still falling, and the cheapest five-year fixed-rate deal is now below 4% for the first time since early October. 

This is good news for buyers who are looking for affordable ways to get on the property ladder. Additionally, inflation in the U.K. was down in January, with The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rising by 8.8% in the 12 months to January 2023, down from 9.2% in December 2022. 

This indicates that inflation may be starting to level off, which could help stabilize the property market. For those who are acting now and locking in longer rates, lower U.K. property prices may make this a good time to buy.

Categories
Mortgages

Expat Mortgages for Non-UK Residents: What You Need to Know

For many non-residents seeking to purchase property in the UK, securing a mortgage can be a complex and confusing process. However, with the help of an experienced mortgage broker, navigating the intricacies of the UK mortgage market can be made much simpler.

In this blog post, we’ll cover the basics of expat mortgages for non-residents, including what you need to know about eligibility, income requirements, and the application process.

Eligibility
To be eligible for an expat mortgage in the UK, non-residents will typically need to have a strong credit history, a sizable deposit, and a regular income stream. Additionally, lenders may require proof of a minimum income level, which can vary depending on the lender and the type of mortgage being sought.

Income Requirements
When it comes to income requirements for expat mortgages, lenders will typically look for consistent income that can be verified through documents such as payslips or tax returns. This can be particularly challenging for self-employed applicants or those with irregular income streams, but there are lenders who specialize in working with these types of borrowers.

Application Process
The application process for an expat mortgage can be more time-consuming than for a standard mortgage, due to the additional documentation and verification required. It’s important to work with a broker who has experience in this area, as they can guide you through the process and ensure that all necessary documents are submitted in a timely and organized manner.

In addition, non-resident buyers should be aware that they may be subject to additional taxes and fees when purchasing property in the UK, such as stamp duty and non-resident capital gains tax. A broker can provide guidance on these costs and help ensure that they are factored into the overall budget for the purchase.

Overall, obtaining an expat mortgage for non-residents can be a complex process, but with the right guidance and support, it can be made much simpler. By working with an experienced mortgage broker, non-residents can navigate the UK mortgage market with confidence and secure the financing needed to purchase their dream property.

If you’d like to speak to a broker about an expat or foreign buyer mortgage, contact International Mortgage Solutions at contact@mortgageims.com.