Currency Exchange and Finance

When you have decided to buy your Dream Home in the Sun, it is the ‘norm’ that the property will be priced in the particular countries currency, the most common being the Euro.

However, whatever the currency, the actual cost (in sterling) will very much depend upon the exchange rate you achieve when buying the currency in question.

Although it may seem obvious, it is startling how often people are shocked by the cost implications of a sharp move in any exchange rates. Once you have had an offer on a property accepted, you are exposed to risk until you secure an exchange rate.

Don’t assume your bank is the best option:

It is a good idea to shop around when buying currency and don’t assume that your bank will give you a good exchange rate but equally, don’t assume that the cheapest broker will be best either. You need to find a broker who will offer competitive prices, coupled with a high level of personal service and who has an efficient payment team, so that your money arrives at its overseas destination safely and on time.

The Overseas Property Network encourage you to do your own research however, we have found the people at Currencies Direct to be extremely helpful, patient and efficient and they offer a “value for money” service – it is also worth talking to them with regards to monthly payments of a pension transfer or to service an overseas mortgage.

Currencies Direct have their head office and global trading centre based at Moorgate in the City of London. It has operations across 5 continents, with 2,000 strong franchise network of business partners and is part of the Azibo Group. Currencies Direct are in a prime position to offer you a cost effective alternative for your foreign exchange requirements.

Trade for free - When trading with Currencies Direct there is no cost or obligation to use them. They offer free accounts, no commission charges and will even pay for the transfer of your currency. In addition to this they will provide a level of service that is unsurpassed in the industry.

When making an overseas purchase, currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance.

Residential Mortgages

Investing in overseas property can, with the right help and guidance, be as straightforward as purchasing here in the U.K.

If you are contemplating raising a mortgage to cover some, or all, of the cost of your property purchase abroad, the legalities and the prevailing interest rates in the country of choice will very much influence the advice you receive and help determine your final decision.

For instance, where there are no facilities available in a particular country for foreigners to borrow money for the purchase of a holiday home, the vast majority of none-cash buyers tend to utilise the equity in their U.K. property.

A Unique Purchase Programme that releases equity from your U.K. property

How It Works

Although the principals are willing to buy a property outright, it would be at a price below market value therefore, many of their clients choose their Unique 100% Shared Purchase Option.

RETAIN A SHARE IN YOUR PROPERTY

This scheme allows you to choose part cash now and a share of the future value when you decide to move out and this way you benefit from any increase in value. Whereas most companies offer only 60% to 70% of market value, the principals give a share for the remainder to be cashed in when you decide to move out and most importantly, your share is based on the future value, not the current one.

An Example of how a Shared Ownership Works

For the sake of the example, let's say your property is worth £100,000 now and you take £60,000 cash on day one with a 40% share retained and in 10 years time you decide to move out.

Historically, property prices in the U.K. double every 8 to 12 years so, let's suppose in 10 years time your property has risen in value to £210,000

Using the above scenario, the cash you will receive will therefore be as follows:-

Cash received day one = £60,000

Cash received year 10 = £84,000 (40% of £210,000)

Total cash received = £60,000 + £84,000 = £144,000 (this is in stark contrast to those unfortunate people who have entered into compound interest schemes with lenders and as a consequence, have lost most, if not all, of the remaining equity. In fact,in the most severe cases, the estate can end up owing the lenders several thousands of pounds)

This programme is fully 'Regulation Compliant' and the providing company is registered with the Financial Services Authority (FSA)

Although we have introduced this product primarily to assist our clients with their overseas purchase plans, it is by no means exclusive and should you wish to raise funds for alternative uses, we will be happy to introduce you to the principals of the company. Please telephone us on 0845 241 7680 (local rate call) or, email info@topn.co.uk

Commercial Mortgages & Re-Mortgages

In recent times we have seen an increasing number of companies and business individuals moving away from the ‘paper pension’ options and looking towards Bricks & Mortar as a means of supplying future financial growth and stability.

In some cases this may mean the purchase of an existing commercial property that the company is already occupying on a rental basis or, it may be the acquisition of a new building to free the company from the ongoing rental burden.

Alternatively, the directors may be looking to use existing equity to expand the companies’ property portfolio here in the U.K. or, increasingly these days, in the overseas markets.

Whatever the reason may be, there is one organisation specialising in the commercial field who are leading the way in providing fast finance solutions to companies and sole traders.

Mortgages, Re-mortgage, Bridging finance

Go Business Mortgages are the specialists in commercial mortgages.

They are 100% focused on the commercial sector and are committed to streamlining the lending process, to save time for both the applicant. Whether you want to buy a new property or re-mortgage an existing one to raise cash for your business, Go Business Mortgages can help.

They can provide mortgages to borrowers who may find it difficult to get funds elsewhere – for example businesses with incomplete accounts, applicants with CCJs or arrears, and mortgages for unusual properties.

Their management team has more than 50 years’ experience in the UK mortgage market. We know how to obtain the best mortgage for you, and how to simplify and speed up the process.

If you’ve experienced the red tape and complexity of arranging a business mortgage in the past, it’s time you talked to Go Business Mortgages. They’ll fast-track your application, giving a decision in a matter of hours instead of weeks and providing the money in weeks instead of months.

All the information provided is done so in good faith and without obligation.