What is a Foreign Currency Mortgage
Very few people know that it is possible to obtain a foreign currency mortgage for a UK residential home. Borrowing in a foreign currency that has a lower interest rate than Sterling is a very attractive proposition and offers the possibility of sizeable reductions in monthly mortgage payments.
Whilst it is very tempting to look only at the cash flow benefits of low interest rate foreign currencies, it should not be the only consideration when assessing the suitability of a foreign currency mortgage facility. The effects of fluctuation in exchange rates should also be considered as these can directly affect the size of a borrowers outstanding loan. If the chosen foreign currency weakens against the value of sterling, the value of the currency mortgage debt will be reduced. Equally, if the currency strengthens, then the sterling equivalent of the foreign currency mortgage will increase
International Mortgage Brokers offers impartial information on a range of foreign currency mortgages so that you can decide which product suits your needs and individual circumstances. We have developed relationships with specialist banks who offer the following attractive and flexible arrangements to individuals looking for low interest mortgages in a foreign currency.
Lending CriteriaMinimum loan is £500,000
Minimum income £150,000 per annum
Maximum loan equivalent to 60% of the property value.
A foreign currency mortgage also kown as a multi-currency mortgage, dollar mortgage, yen mortgage, swiss franc mortgage, euro mortgage
