Post Brexit plummeting pound spurs surge in expat mortgage demands

Published:  22 Jul at 6 PM
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Mortgage enquiries from overseas buyers as well as UK expats living overseas have surged since the Brexit result triggered a fall in sterling.

Prospective buyers are emerging from Europe, the Middle East and the Far East, with the renewed interest in purchasing UK property down to five key Brexit-related issues. UK property has always been a popular form of investment due to the fundamental strength of the market, and is considered a relatively safe haven in uncertain times.

The 50 per cent upswing in demand for UK mortgages is partly attributable to potential purchasers holding back on decisions until after the referendum. In addition, signs of a slight cooling in the UK property market are already emerging, making now and the near future a good time to buy.

The post-Brexit plummeting pound has meant buyers in dollars, euros and other major currencies can take advantage of an effective drop in purchase prices. Also benefiting are buyers raising an initial deposit in their home currency before apply for a UK mortgage. In addition, overseas buyers have a strong advantage over local purchasers as they are not part of a chain and are therefore more popular with sellers.

Sellers are also affected by the shock Brexit result and may be willing to accept lower offers in order to guarantee a risk-free sale. The only downside for overseas buyers at this stage is that it’s necessary to work with a specialist mortgage broker as UK banks are continuing to flag expats as high risk, even if they have a secure, high-salaried job. At present, most of the expat mortgage demand is originating from professionals working in Qatar, the UAE and other Middle Eastern expat hubs.
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