Dollar or Sterling
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Dollar or Sterling?
Do you have a mortgage on your holiday or investment property in Florida?
If so, have you considered using the current exchange rate between the US Dollar & the British Pound to lock in the savings you have made since you purchased your home in Florida.
Consider this example:
If you purchased a property with a mortgage of $146,000 when the Dollar/Sterling exchange rate was at, say, 1.46, you would now have saved 23% on your mortgage balance if you convert to a Sterling based mortgage*. How?
|
Mortgage Amount ($) @ 1.46 |
Sterling Equivalent @ 1.46 |
Current Value (£) @ 1.90* |
| 146,000 | 100,000 | 76,842 |
Not only that, but your monthly repayments would have come down from £585.36 Sterling equivalent to £449.80**
There has never been a better time to convert your US Dollar mortgage into Sterling, so what should you do?
Well, there are two options.
1. Take a new mortgage on your Florida property in a Sterling denominated account
2. Re-mortgage your UK home to raise the funds to repay your Florida mortgage
Interested? Then Click here for a quotation to see how much you could save!
* Assumes Dollar/Sterling exchange rate as at 18th June of 1.90484. Source: http://www.xe.com
** Assumes an interest rate of 4.9%, capital & interest mortgage over 25 years
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