Property Interest Rates and Strong Pound

Property Interest Rates and Strong Pound.

Given that interest rates have been frozen yet again by the Bank of England and also the fact that the pound is in demand given the problems in Europe driving up exchange rates to €1.41 to £1, we thought it worthwhile prompting you to think about your property, interest rates and the stronger pound.

Remortgage Time?

The Governor of the Bank of England, Mark Carney, has suggested that interest rates will definitely rise either in the last quarter of 2015 or within the first three months of 2016. Given this, is it now time to consider remortgaging and locking in those low interest rates. We think it is worth considering. Interest rates for mortgages on property have historically averaged over 8% per annum. There are now hundreds of fixed rate mortgage and remortgage deals below 4% per annum, it makes sense for all borrowers to revisit their mortgage.

Why not test the market? As part of our service for gold and platinum clients, we offer a free initial mortgage search service. In a matter of minutes, we can use the outsourcing/search mortgage software to compare all mortgages available to you on any one day. It just may be that with the right terms, you may be better off, you may lock into a lower interest rate and ultimately save money.

Buying Overseas Time?

Property prices in many overseas countries are still significantly lower than they were in 2007. Given the strength of the pound against many foreign currencies, it has now become cheaper to buy property overseas. In reports, some commentators suggest that with the right action and in the right country, you may achieve a good deal on any subsequent property purchase. To give you an idea of scale here, a €200,000 property that would have cost around £110,000 3 years ago, would today cost you £142,000. This means that overseas holiday homes are firmly back on the agenda but we suggest you need professional advice from us first before moving forward.

We have contacts with many international mortgage lenders and have access to mortgages in over 40 countries as well as others offering expert, international tax and cross-border financial planning advice to ensure that you do not fall foul of the pitfalls that happened to many British people buying property before the credit crunch crisis.