Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

WEAKENED STERLING AND LIKELY RATE RISE PROMPT MORTGAGES ENQUIRIES TO SOAR BY 45%

WEAKENED STERLING AND LIKELY RATE RISE PROMPT MORTGAGES ENQUIRIES TO SOAR BY 45%

Mortgage enquiries from overseas buyers and British expats are up 45 per cent in Quarter 4, compared to the previous quarter, reveals the mortgages division of one of the world’s largest independent financial advisory organisations.

 The observation from deVere Mortgages, part of deVere United Kingdom and deVere Group, which offers advice to British expats and foreign nationals looking to buy property in the UK, comes against a shifting political and economic landscape.

 Mitch Hopkinson, Head of Advice and HNW and deVere United Kingdom, comments:  “deVere Mortgages has received an unprecedented level of enquiries this last quarter.  There has been a remarkable uptick in home loan enquiries in Quarter 4 – and we’ve not yet even finished it.”

 He continues: “To analyse these findings, first it should be acknowledged that they are more astonishing given that the government’s change in tax policy regarding Buy to Let in recent years was expected to severely dampened overseas investor interest.

 “Also Brexit appears not to have dented the UK’s traditional boast of being an attractive country for those residing overseas, largely due to the ongoing fundamental strengths of British residential property investments.”

 Mr Hopkinson goes on to say: “There are, we believe, two key drivers for the increase in Quarter 4.

 “With sterling down sharply since the Brexit vote, UK property has effectively put a ‘for sale’ sign up for the many overseas investors who want to establish a presence in the UK.  These might include investors simply wishing to diversify their property portfolio, or UK expats looking to buy a place to return to when they retire or to house a child while they are at university.

 “These investors are looking to buy now while a weak sterling works in their favour. As we appear to be increasingly moving to a ‘soft’ Brexit, sterling has already climbed in recent weeks. The more ‘soft’ Brexit the government becomes, the more sterling will rally.

“Another reason to buy now is that UK sterling mortgages have probably one way to go now: up. Record low mortgage rates are being pulled as sterling funding costs go up for the banks and other lenders, reflecting the increased risk of inflation in the economy.”

 deVere Mortgages says the vast majority of overseas buyers are foreign nationals and British expats in the Gulf Region and East Asia.

 Mitch Hopkinson concludes: “In order to meet the growing demand from both UK and overseas buyers, deVere Mortgages looks set to double its headcount of independent mortgage consultants by the end of 2017.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post