Sometimes you may have a good reason to arrange for your mortgage to advanced in a different currency to the GB pound. These reasons can include:
In the past these types of mortgage were arranged for borrowers who were simply looking for a lower interest rate. At times of higher interest the rates of some foreign currencies for borrowing began to look attractive and many loan were arranged in such currencies as Yen and Swiss Franc. The danger of this was that the currency exchange risk was not always fully understood and borrowers found found that the exchange rate had worked against them, resulting in their mortgage debt significantly increasing against the value of their home. In other words changes in the exchange rate may increase the sterling equivalent of your debt.
At Crossways Property Finance we will not advise on the suitability of a foreign currency mortgage but if you fit into any of the categories above then we may introduce you to a Private bank or lending institution who are able to offer you this facility. If you would like to discuss this with further with an advisor then please do call on 0207 127 5292 or submit an enquiry form and we would be delighted to help.