With the pound plummeting in value since the Brexit decision in June, overseas buyers have been quick to take advantage of the favourable conditions that have made investing in UK property even more attractive.
Buyers from the around the world now find their money goes a great deal further, with the pound down by over 10% against both the Euro and US Dollar. Although there is speculation about the direction of property prices in the short term, many overseas buyers recognise the long term potential of UK property investment, fundamentally due to the vast shortfall in current housing.
Mortgage finance is competitively priced at the moment for both Foreign Buyers and UK Expats, with further interest rate reductions still filtering through following last weeks fall in the Bank of England base rate.
Residential tracker rate mortgages are currently available at an interest rate from 1.34% with a 2 year fixed rate mortgage starting from just 1.59%.
Buy to Let finance is available at slightly higher interest rates, 2 year tracker products start from 2.44% and a 5 year fixed rate mortgage from 3.64%.
Mortgages options are available to a range of foreign and expat buyers including:
* First time buyers
* Experienced landlords
* Self employed buyers
* Buyers wanting to purchase properties for their children to reside in whilst at University.
* Buyers wanting to purchase a holiday home in the UK.
A minimum 20% deposit is normally required to secure a mortgage with finance only available on properties valued from £80,000. Older buyers will be pleased to learn that some mortgage lenders have no maximum age restrictions and options are available to experienced investors to buy Student Let and HMO properties.
