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Moneyextra.com Dictionary
Single foreign currency mortgage
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 youre 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.coms mortgage comparison service . ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com