Different currency mortgages

crystal_callisto

HI,

Has anyone seen this article that was sent to me today?
http://www.everyinvestor.co.uk/timArticles/tim_261_27_.asp. It says that you can reduce your mortgage down to 2% by using this service - is it too good to be true?

I am currently looking to remortgage to consolidate our debts so this looks like an attractive proposition.

Any advice would be most useful.

yonk

Posted originally on the thread - Multi currency mortgages.....so have a look down the page as there are other replies as well.

I looked at these a while back. Specifically, managed multi-currency mortgates.

Got the brochure from ECU - fairly steep charges and they interview you to see if you are suitable to take on the extra risks involved. You have to be earning a reasonable amount as well. They base their interest rate on LIBOR.

They swap your mortgage into different currencies with the result that your mortgage capital is reduced as the currencies move. Of course, no-one can really predict FX movements so it's more an educated guesstimate and not for the faint-hearted. So your loan can go up as well as down and if it goes up by 20% they swap back into Sterling.