The Finance Owl

Banks – Loans – Mortgages – Money

UK Overseas Property Owners Increase Mortgages

Posted by admin January - 11 - 2009 - Sunday

Sterling’s collapse has adversely affected many British people, but for those lucky few who have an overseas property this has in some cases been good news.

It appears an ever increasing number of these British overseas property owners are making use of the Sterling collapse by taking out a home equity mortgage that provide funds which when translated back into Sterling can provide substantial Sterling capital growth. Despite the collapse of home prices in the United States and Florida in particular, this may explain why some Brits are seeking further home equity loans from such US banks as SunTrust or Chase.

There are of course those British overseas property owners who had set-up a Eurozone mortgage, which had mortgage interest payments being fulfilled by British Sterling income. This has inevitably caused some distress, since an apparently ever increasing British Sterling burden is needed to fulfil an equivalent monthly eurozone mortgage interest payment.

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