Multicurrency mortgages

pennyh47

Hi all
Has anyone heard of these? I think the idea is you switch your mortgage into other currencies to take advantage of very low interest rates in other countries. You can also switch all or part into currences falling against the pound and reduce your debt that way too. I had an e-mail from a site called The Money Tree offering to explain how to do this every step of the way and find a trained currency specialst who will then handle your mortgage for you. It also promises to teach you tricks on getting out of a current deal with no penalties. Of course there is a fee but has a money back guarantee for 30 days. Wondered if anyone had any feedback for me on this idea or if Martin himself has any advice on it

wecanhelpu

One look at their website should tell you all you need to know

http://www.moneytreeinc.com/

here's another company

http://www.fsponline-recommends.co.uk/page.aspx?u=mmx&tc=emmxc704&PromotionID=2147064929&

Be very careful. These people are not going to be offering this service for nothing. You could end up seriously out of pocket.

kenshaz

Currency fluctuation could be an obstacle ,especially if your salary is in Sterling.
I would move with extreme caution,will they have a crystal ball when they switch into falling currencies,do not gamble with your future.
There are no tricks just read the terms and conditions.
If it is to good to be true it usually is.
Use your gut instinct.

jamesd

It's a high risk transaction. If the other currency rises your interest payments will rise, possibly very substantially. It is possible but it's only really suitable for those who have the money to take that substantial risk.

However, it's worse. It seems that the ones likely to be promoted by spamming are not real mortgages but instead are foreign exchange trading with the mortgage just a hook to get you interested. All the foreign exchange trading is entirely independent of your mortgage, except, perhaps, that you may be required to take out a second mortgage to cover the potential currency trading loss.

You might find a search for Libor mortgages more suitable, though that also has higher risks than a normal mortgage, lower than the currency risk. These are genuine mortgages.