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Single foreign currency mortgage
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Single foreign currency mortgage is a loan where the borrower chooses to take a home loan in another currency. These single currency mortgages are generally regarded as being very risky in so much as you could be caught out badly if the pound falls sharply against the currency you're borrowing in.
For example, a UK homeowner borrows Japanese yen for a fixed period of ten years to buy his house in the UK.
See also:
foreign currency mortgage multi currency foreign currency mortgage mortgages Moneyextra's mortgage comparison service .
Last Updated: April 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.