From: "James W. West" 
Newsgroups: uk.finance
Subject: Re: mortgage terms
Date: Mon, 25 Aug 2003 22:21:30 +0100


"George"  wrote in message
news:hfnQwYLXZkS$EwwF@lang2.demon.co.uk...
> In message <288kkvg24f8mlbcalcar66j7eumjv886lv@4ax.com>, Anthony R. Gold
>  writes


> >And that 30 year mortgage will have a fixed interest rate - yet another
> >feature which is virtually impossible to find here.
>
> I'm curious. Since that appears to be  the case in the States, is it
> possible to get an American bank to mortgage a property in dollars?? Or
> is this *really stupid* idea?? I remember Geordie B was recently talking
> about fixed rate mortgages of 25 years in length in  the UK.
>
>
> George

Foreign currency mortgages were a bit of a craze for a while. The main
problem is that you are betting on currency exchange rates and they can move
against you just as often as they move in your favour. Generally the
recommendation is that your mortgage should be in the same currency as your
income. So if you have a house in the UK, but get paid in dollars then such
a mortgage could be a good idea. If your house is in the UK and your income
in pounds then you are taking a risk on exchange rates.

James