First multi-currency offset mortgage launched
Share
An unnamed private bank is to provide Largemortgageloans.com with funding for what is believed to be the first multi-currency offset mortgage to be launched in the UK.
The mortgage is designed to help international buyers of million pound UK properties.
The loan is agreed in sterling against residential properties and the client has the ability to offset cash in sterling, US dollars, euros or Swiss francs against the loan.
The cash and the currency of the cash can change on a monthly basis.
Paul Welch, managing director of Largemortgageloans.com, says: “This arrangement will give flexibility to high net worth individuals who do not wish to move other currencies into sterling but wish to offset currency funds against their loan.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (1)
Anonymous | 29 Apr 2010 3:06 pm
Only for the brave, well informed and those with a crystal ball and balls of steel!
Your debt could increase whilst your sleeping, and you wont know until you wake up.
Unsuitable or offensive? Report this comment