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Mortgage enquiries jump more than 50 per cent since election, reports deVere PDF Print E-mail
Monday, 18 May 2015

There has been a “noticeable surge in serious home loan enquiries” since the election, reports deVere Mortgages.

The observation from deVere Mortgages, part of deVere United Kingdom, which offers advice to British expats and to foreign nationals looking to buy property in the UK, comes a week after David Cameron returned as Prime Minister following the Conservative’s surprise majority.

deVere’s Head of UK Financial Planning, Kevin White, affirms:  “Since the election outcome was announced our mortgage consultants have reported a noticeable surge in serious home loan enquiries.

“Demand for mortgages has been strong all year, but the volume of enquiries has increased by more than 50 per cent over the last seven days, compared to the previous week.

“The majority of these enquiries were from overseas buyers and British expats who want to purchase a UK property but who had been, for various reasons, waiting to see the outcome of the election before pursuing.”

Tom Elliott, International Investment Strategist at deVere Group, comments: “It is to be expected that there was a significant uptick in mortgage enquiries in light of the Conservative win.  It appears that investors held off in fear of a left wing government taking power.

“The UK property market should benefit from David Cameron’s government.

“There will be no Mansion Tax, and indeed property will be slightly less taxed if the Conservatives carry out their promise to exclude property under a certain value from inheritance tax.

“More generally, the election result has confirmed that Britain remain a pro-business, pro-property owning country backed up by a robust legal framework. The statist alternative, proposed by the Labour party, that would have led to more government intervention in the economy has been revealed to have little popular support.

“Additionally, the non-dom tax status will continue to be available to wealthy foreigners, even if it is further modified. This will continue to encourage inward investment and spending in the UK, particularly in property.

“The likelihood of continuing very low interest rates – supported by this week’s Bank of England inflation report- will also fuel demand.”

deVere Mortgages, which works with more than 200 UK and international lenders, can assist UK residents and overseas clients with the purchase and refinance of their UK home with a variety of mortgages. In addition to this, deVere Mortgages also specialises in buy-to-let opportunities, re-mortgaging overseas properties and tax optimisation from rental income.

(Source - deVere Mortgages Press Release)


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