Virtually all mortgage borrowers go with a mainstream UK lender to make the biggest purchase of their lives, its the done thing and to be honest most people dont realise there is a viable alternative the foreign currency mortgage.
Interest rates are reasonably healthy in the UK at the moment, particularly in comparison with the 1980s, however interest rates are a lot higher here than they are in the Eurozone, Switzerland, America and Japan.
Did you know that you can borrow the capital you need for your house purchase in Euros, US dollars, Swiss Francs or Yen instead of Sterling? This means that you could take advantage of the lower interest rates elsewhere, securing the loan on your house.
These 3 month money market interest rates allow you to compare UK interest rates with other countries:
Japanese Yen0.12%
Switzerland 1.03%
Eurozone 2.46%
US $ 4.48%
Sterling 4.64%
(Source: 3 month Money Market Rates, Financial Times, 9 Dec 2005)
As you can see, Sterling is significantly higher than some of the others. However, you will lose out on some of that advantage because you will pay a premium to borrow currency...
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