Spanish
Property Purchase - The euro
The euro. A small word, but one that exercises the mind
of many a would-be expat Spanish property owner. The problem
being, it will not settle down to a nice stable value against
sterling (in sterling's favour, naturally).
If you want to buy property in Spain, you will have to come
to terms with the fact that between seeing, buying and renovating
your little bit of Spain, the euro will have changed value against
the £ many times.
Some opt
to forward-purchase all the euros they need the minute they
sign the sales agreement... others try to out-guess the exchange
rate fluctuations and dabble in the international foreign
exchange markets. Others just long for the good old days when
a £ got you 240 pesetas... year in year out!
Whatever
you decide to do, on the premise of 'know your enemy', following
the links below will take you to various information pages
on the Euro.
If
you are financing your Spanish property purchase with a
mortgage, most experts would agree that it makes sense to
take on this debt in the currency in which you are being
paid. If you will continue to have an income from the UK,
then you may want to consider a UK
based sterling mortgage. If you expect to have an income
from Spain, then a mortgage
from a Spanish based lender repayable in euros may be
the best way to buy your Spanish property.
WRITTEN
QUOTATION FOR STERLING MORTGAGES AVAILABLE ON REQUEST.
LOANS SUBJECT TO STATUS.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON
A MORTGAGE
OR OTHER LOAN SECURED ON IT.
Please
see important credit information.
THE
STERLING EQUIVALENT OF YOUR LIABILITY
UNDER A FOREIGN CURRENCY MORTGAGE MAY BE INCREASED BY
EXCHANGE RATE MOVEMENTS
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