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Do I really need a foreign currency mortgage..?
sacha1dog
Posts: 72 Forumite
I have been advised that I have to apply for a Foreign Currency Mortgage due to the recent EU Mortgage Credit Directive.
I work for a US company, who pay US dollars into an off shore account of mine, however, I transfer GBP Pound sterling from that account into my UK bank account, so as I see it, I don't have to have this type of mortgage, since, the mortgage lender will not have any risk around currency fluctuations?
or maybe someone in the snow can explain why they think i should have a FC mortgage?
I work for a US company, who pay US dollars into an off shore account of mine, however, I transfer GBP Pound sterling from that account into my UK bank account, so as I see it, I don't have to have this type of mortgage, since, the mortgage lender will not have any risk around currency fluctuations?
or maybe someone in the snow can explain why they think i should have a FC mortgage?
0
Comments
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No. You need a lender willing to lend in GBP on UK property to someone not paid in sterling.
This became more difficult from the EMCD as lenders offering such products are required to carry our a currency conversion review every year and many didn't have the systems or the level of such business to introduce them.
Independent broker job this.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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