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Mortgage Glossary: Foreign Currency Mortgage

Foreign Currency Mortgage

This is a mortgage where the loan has been drawn down in another currency rather than in Sterling. Such loans require careful consideration. You may be able to benefit from a lower interest rate abroad when interest rates at home are high but you also expose yourself to currency risk. In some cases in the past borrowers have found their mortgage debt has increased as a result of adverse currency movements. Independent financial advice should be sought if considering such a mortgage.

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