Our Services - Florida currency

When buying a property abroad it is important to take into consideration the effect that exchange rates between a Dollars and Pounds is going to have on your property purchase. This can prove costly if the exchange rate moves against you from the time you place a deposit to making the final payment for the house.

For example, lets say you were to place a deposit on a new property of $20,000 with a final payment of $80,000 in 6 months time. If we say that the current exchange rate between the pound and sterling is 1.89, then the Sterling equivalent price would be $68,965, the deposit would be $13,793 and the remaining balance $55,172. If this exchange rate were to change to 1.79 during the six months after you placed the deposit, the final payment of $80,000 would equate to a Sterling payment of $59,259, a difference of $4087.

Currency traders can "lock in" the exchange rate at the time you make your deposit for a small fee. By doing this in the example above you would have been able to pay the $80,000 at the 1.89 exchange rate that you "locked in" when you paid the deposit and saved the $4087 difference.

If you are paid in Sterling and your mortgage payment is in Dollars, as the exchange rate fluctuates so will your monthly mortgage payment amount. Currency traders can also help to lock in the monthly mortgage payment exchange rate if your mortgage is in a foreign currency.

For more information please call us on 0800 298 5136.