Panic, Panic, Panic – the average is above 6% or is it?
Rates have been falling consistently across all durations and fixes, the pattern is downwards, and future expectations have started to be tailored downwards.
📃 Recent data indicated that the average length of a mortgage product being on the market is 15 days and prices are being revised frequently, more products have come back onto the market and choice is creeping in, happy days!
A recent sensational headline siting Virgin, HSBC and Platform were all offering sub – 4% five-year fixed rate deals on residential products, only to see them swiftly withdrawn within 48 hours!
It is anticipated that around 1.8 million people with fixed rate mortgages will come to an end in 2023, mortgage misery or an investors paradise? 🤷♀️
One of the many decisions to be made is whether to fix or stay on a variable product in the hope that a better deal will come along soon. 🤔
📌 For us we recently chose to fix, as a Ltd. Co with an Expat Director we were already battling higher rates and managed to secure a product that met our needs.
It gave a clear 5-year position to work with, enabled us to draw funds out of the deal, and worked at a rate of 5.49% – fees were a tad high, but at the time we had limited choice. 💰💰
👍 If you are an Expat and struggling to tap into a specialist broker, then check out our Facebook Group “The Expat Property Investors Group (GCC)”, watch the latest market update and access our tried and tested providers.
