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 Investors warned on overseas mortgages
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Friday, May 04, 2007 |
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Overseas property investors need to carefully consider the subject of whether to take out a mortgage in the UK or in the country of purchase, according to an industry body...
The Association of International Property Professionals (AIPP) has said that both sides of the argument have their advantage. For investors taking out a mortgage in the UK, providers are more likely to be able to offer high loan-to-value ratios than their European counterparts.
However, the association notes that some argue that it is a good idea to have the property assets and debt in the same currency, to protect against unfavourable exchange rate changes.
Paul Owen, chief executive of the Association of International Property Professionals, commented:
"The possible downside of that is that if you're earning money in UK sterling and paying a mortgage in Euros, then you run the danger of exchange rates change making a difference to your payments."
He added that people should research overseas mortgages thoroughly before making a commitment either way.
Recently, foreign exchange firm HiFX advised that investors looking to take advantage of the favourable dollar-sterling exchange rate should look at taking out a forward contract to fix the current rate into the buying agreement.
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