Pound worth nothing

Has anyone being watching the exchange rates, Money corp current rate is down to 1.16 to the pound. How much lower can it go.

Hi Andy

It had better go up loads by end of this month. My 2nd payment is due then

Don

The pound could end up at one to one if we're not careful. Conspiracy theorists amongst us could say this is what the government want so that it makes it a more attractive proposition to enter euroland ourselves. Could this be why the Governor of the Bank of England and the Chancellor keep making statements that are detrimental to the strength ot the pound, just watch how it plummets the everytime they open their mouths. Only yesterday the governor was banging on about recession (does he need to bother, it doesn't take a rocket scientist to work it out for themselves) since then the pound has lost 8 cents to the euro. My husband is going barmy because we are due to complete in 2 weeks on our penthouse and he wanted to pay for it from savings, doesn't look like they are enough now and we are having to try like mad now to get a mortgage which is easier said than done at the moment. He just hopes it will all be worth it in the end.

Jo

Jo

We are in exacly the same position as you with our block 16 penthouse, due to complete on 20/11 but now delayed due to lack of a COH and allegedly re-arranged for completion early December.

The Euro is pretty scary -  when you think we were getting 1.45 when we paid our initial deposits back in May 07 - how I wish we had brought forward all the cash we needed at that rate. But you will only pay over the cash once and I guess if you look at it the other way round, your Spanish investment is worth more than you paid for it   - Condado Penthouses wil have good re-sale but its a few years away yet  - maybe wait untill the Ryder cup is played there ??

If you need a spanish mortage I can recommend our broker in Marbella - Patrick Robinson  - I doubt he could get you a mortgage in two weeks but he would deffo be able to get  you a mortage if you needed one

Rgds

Mark

trouble with a spanish mortgage is you have to fund it.ive sad 1.10  £ euro for ages.you can raise funds in the uk at 5% and i got some at 3.64% as on lifetime tracker.watch your spanish mortgage-if its annual rest you wont see a reduction for a year.if you want advice on raising funds in uk pm me please.woolwich have a 3.99% i year fix rate  deal.pm me if interesed

main things to watch on your spanish mortgage offer

1/is it annual rest(this means the interest rate is adjusted annually-great when rates are going up but bad when going down which they are doing now)

2/how long does the interest only deal last for-if its 2 years you will be amazed how quickly that ends so go for term if house is to be sold to clear the mortgage

3/what is the early redemption charge and the charge for making early repayments

4/what is the charge your bank and the spanish bank make for transfering money to them.barclays  and halifax are  free

5/sign up to a currency dealer like world first so you get a better rate and less costs than a bank,i can vouch for world first-excellent rates -excellent service.

good luck-and dont forget if you want to know more about the woolwich 3.99% 1 year fix for uk mortgages pm me

george

Answer to earlier Question for all who need this info.

The link below is where you may get e-mails daily for the current Euro against the pound

We have been receiving it for two years

It has helped some,but never expected the rate to go so low.

The worst is it could go lower. if it ever gets back to 1.30 we will make early payment and secure our monies

http://www.xe.com/