20) OTHER MORTG PRODUCTS

Question 1

What is a foreign currency mortg?

Answer 1

A mortg where the borrower’s income is in a diff currency from that applying to the mortg. e.g. Pay recd in euros, mortg in UK (GBP) or UK resident buying prop in Spain

Question 2

How does foreign currency mortg work?

Answer 2

• *Mortg secured on UK prop but arranged in foreign currency

* *Capital is owed and repaid in that currency (req conversion from sterling)