We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Maxijud
Maxijud
Posts: 1 Newbie
We are an almost retired couple who want to move to New Zealand (home for one of us). We are in the middle of purchasing some land which must be paid for by August but the exchange rate is still pretty awful.
We have the cash to pay for the land and also own our home worth £900,000 which we have a £13,000 mortgage on with IF.
I have been told that you can get mortgages (against our house here) in New Zealand dollars and that the monthly payments then rise and fall with the exchange rate. We could then pay it off completely when the exchange rate (hopefully) gets a bit better. Is it worth even investigating this solution?
We will also need to mortgage our house here at some point in the next two years to pay for the build costs of the new house in New Zealand.
Any advice would be greatly appreciated as we don't know where to turn to for the best advice.
We have the cash to pay for the land and also own our home worth £900,000 which we have a £13,000 mortgage on with IF.
I have been told that you can get mortgages (against our house here) in New Zealand dollars and that the monthly payments then rise and fall with the exchange rate. We could then pay it off completely when the exchange rate (hopefully) gets a bit better. Is it worth even investigating this solution?
We will also need to mortgage our house here at some point in the next two years to pay for the build costs of the new house in New Zealand.
Any advice would be greatly appreciated as we don't know where to turn to for the best advice.
0
Comments
-
To be honest, I am stumpted on the mortgage over here with New Zealand Dollars. Didn't think it was possible.
Regards to the borrowing on current property, you have to be careful how near to Retirement you are as taking out a new mortgage usually has a minimum term of 5 years and they may need proof of income in retirement. However, if it is with IF and you have a credit line already agreed, then that should be absolutely fine.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Major UK banks will be able to lend you NZ$. Speak to them first.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards