UK Money News
21st November 2007
Foreign currency mortgages 'can help to reduce debt'
Consumers in the UK looking to compare mortgages might like to consider foreign currency products as a means of sourcing increased help with money, it is claimed.
According to personal finance specialists Alexander Associates Group, a properly managed foreign currency mortgage could result in cleared debt within 25 years.
Taking out a mortgage in a foreign currency could result in help with finance should sterling strengthen, as the debt would be reduced in comparative terms.
David Alexander, chief executive officer of Alexander Associates Group, said: "You would hope over a period of 25 years that you would clear your whole mortgage if you're managing it via a multi-currency mortgage.
"You would hope that on an annual basis you would average five per cent reduction in your debt."
He warned that consumers seeking such help with loans was not a short-term investment and that they should be prepared not to see large gains in the near term.
In related money news, the pound is currently at a low against the euro, which is also performing well against the dollar.
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