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 Sterling Exchange 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.

Sterling Exchange are based at Ludgate Hill in the heart of London’s financial district – Sterling Exchange have over 20 years market experience and they are in a prime position to offer you a cost effective alternative for your foreign exchange requirements.

Trade for free - When trading with Sterling Exchange there is no cost or obligation to use us. We offer free accounts, no commission charges and will even pay for the transfer of your currency. In addition to this we 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.

Equity Release - How it works

Example:

You have a house in the UK, which is worth £200,000 and your current mortgage is £40,000. Therefore, the equity in your UK property is the difference between the two being £160,000.

In this example you want to buy a property in say Turkey for £100,000, you can release the available equity by re-mortgaging on your UK property up to £140,000 to include the cost of your Turkish home.

By contrast, most of the Spanish Banks offer excellent mortgage services with interest rates that are currently more attractive than those available in the U.K.

The common factor, in whichever country you decide to buy is to ensure you are receiving the ‘best advice’ from the acknowledged specialists in their field, before you decide how to finance your purchase overseas.

We are able to introduce you to some of the finance industries best performers here in the U.K. and overseas such as:-

The Spectrum IFA Group, with their headquarters in Barcelona, they are the Largest, Legal, Regulated, Licensed, and Compliant Financial Advice Company in Europe.

Mortgage International Ltd., based here in the U.K., their staff have many years experience in both the U.K. and overseas mortgage markets.

Some of the facilities available are:-

Loans arranged in Sterling, Euros or U.S. Dollars
Repayment and Interest Only solutions at excellent low rates
Up to 30 year term
Up to 80% loan to property value on the foreign property
Self-certification available in certain countries
Finance for off plan properties
Flexible and Revolving credit arrangements
Overseas Re-mortgages

For further details of a residential mortgage or, equity release, please contact us.

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 buoyant 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 is the specialist 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.

For further details of a business mortgage, contact us today.

All the information provided is without obligation.