Euro v Sterling mortgage

lipso

I work in N.Ireland and am paid in Sterling but I live in the Republic of Ireland where I moved to 5 years ago. At that time I took out a euro mortgage of approx. €109000 over 25 years. Is it possible to switch to a sterling mortgage?

karie

im afraid i dont know the answer but i would also be interested to hear from anyone who knows!!

karie

EdInvestor

It's the same as any other remortgage.

Jonbvn

I think you should be able to change to sterling. It is always wise to have the mortgage in the same currency as your income, to reduce your currency risk. Obviously, your mortgage payments have increased significantly, due to the rise in the Euro vs GBP.

homer_j_3

I would go and talk to someone like Ulsterbank as they operate in NI aswell as ROI and it would not surprise me if they could offer your mortgage in sterling.

As mentioned above, your debt can shrink if the euro goes one way and increase as it goes the other so it can be quite risky. You need to now try and do this when the euro is in your favour...

MarkyMarkD

Jonbvn wrote: »

I think you should be able to change to sterling. It is always wise to have the mortgage in the same currency as your income, to reduce your currency risk. Obviously, your mortgage payments have increased significantly, due to the rise in the Euro vs GBP.

Given that the OP lives in the ROI, their income has actually fallen, rather than their mortgage payments increasing. But I know what you mean.

I am not sure that I agree with your comment about currency risk either.

It makes sense to have the mortgage and the property in the same currency - as the OP currently does.

It also makes sense, to some extent, to have the mortgage and the earnings in the same currency, but arguably to a lesser extent.

It depends on the likelihood of needing to sell up, and of changing job (and earnings currency) and various other things.

Remortgaging from Euro to GBP isn't something to be rushed into IMHO.