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Foreign currency mortgage |
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Foreign currency mortgageIt is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the riskForeign currency mortgage Similar MatchesMulticurrency clauseMulticurrency clauseSuch a clause on a Euro loan permits the borrower to switch from one currency to another currency on a rollover date. Currency boardCurrency boardAn extreme form of pegged exchange rate in which management of both the exchange rate and the money supply are taken away from the central bank and given to an agency with instructions to back every unit of circulating domestic currency with a specified amount of foreign currency. Operates similar to the gold standard. Hard currencyHard currencyA currency which is generally accepted throughout the world and which is unlikely to devalue. Examples are the deutschmark, dollar and Swiss franc. Currency conversionCurrency conversionA term used by the London Stock Exchange to denote that a trade was executed in one currency but converted for trade reporting. Foreign currency translationForeign currency translationThe process of restating foreign currency accounts of subsidiaries into the reporting currency of the parent company in order to prepare consolidated financial statements. Further SuggestionsCurrency hedgeCanonical model of currency crises Asian Currency Units (ACU) Currency risk Currency factor Eurocurrency market Currency selection European Currency Unit Currency speculation Currency swap Currency depreciation Currency option Currency reallignment Reserve currency Currency reserves Currency risk sharing Convertible currency Reserve currency Foreign currency option Soft currency Currency in circulation currency Currency bloc Intervention currency Currency no longer issued |
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