Living in the UK and working in Europe? Remortgaging doesn’t need to be complex

How does earning in a different currency affect your lending prospects?

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We have a plethora of clients who retain UK property as their main residence but work in Europe, earn in Euros and pay tax in both their home jurisdiction and the country they work in. On the face of it, it can get really confusing to know what to do about your mortgage. Borrow in sterling? Take out a mortgage in Euros? Getting caught up in currency can lead to numerous questions.

 In one of our recent cases, our client was looking to remortgage at just shy of £1m but wanted a fixed, five-year product to replace their interest only product. Having changed jobs since taking out their large mortgage, our client was now working in Spain, earning in Euros and paying tax on that income in Spain. However, their main residence remained in the UK, where they also paid tax.

 Solution

Applying for a Euro mortgage would have been one option; however, this would have severely restricted our client’s choice of products. Therefore, our Associate Director Caroline Burke approached their existing lender with a proposition for a product transfer, which was quickly secured on highly competitive terms. A seemingly complex scenario was made straightforward with the knowledge and network of our specialist adviser team.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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