Multi Currency Mortgages

[Anonymous]

I’m looking to buy a property in Spain which will initially be used as a rental property and eventually as a retirement home. I’ve been looking at all the mortgage options currently available and have found a mulit currency mortgage which is very low interest and which we can protect from high currency fluctuations with an insurance policy. Does anyone have any experience of this kind of mortgage and would you advise using it?

[Anonymous]

Do not rely on rentals. If you can rent it take it as a bonus. Multi risk currency mortgages are not suitable to all for reasons

1) Currency fluctuations ( obvious )

2) It mostly targeted to high earners/net worth/ & earnings in different currencies.

3) The provider will have a manager who will be shifting the currency periodically & the cost of doing this has to be taken on board.

4) The insurance premium is quite high & the big question is will they pay up if the need arises. I doubt very much

[Anonymous]

Thanks for the advise Shakeel. I’m discovering that it really is quite a minefield trying to work out the best way of funding the property and want to make sure that I’m getting the best deal possible.

[Anonymous]

Rev, Isn’t that we all try to do & get caught out. To me there are few basics. There is no such thing as free lunch, if its too good to be true ….. etc. No point in acting smart as the system is bigger & some one before has been there.

[Author]

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