First multi-currency offset mortgage launched

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.”