Anyone heard of or used - lowratespanishmortgages

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19 Nov 2008 00:00 by robmct Star rating in Edinburgh/London - .... 196 posts Send private message

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Just  wondering if anyone has used them, see below what there offering : -

 

Japanese Yen (JPY) currency denominated...
 
 mortgage for your Spanish property at 3.4%...
 
fixed rate for 2 years...
 
borrow 200,000 Euros for only 566 Euros per month
 
 
are they to good to be true ??
 
 
 

 

 





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20 Nov 2008 10:28 by vienna Star rating in west midlands. 34 posts Send private message

I have contacted them this week and received a reply. The offer does appear to be too good to be true, so it probably is. There is a non-refundable charge for the "mortgage packagers" of €499 plus IVA, i.e. you pay this whether or not you get a mortgage offer or not - this is not a term that I've heard of before and makes me suspicious.

However I too would be interested to hear from anyone or has used them - good or bad?



_______________________
Becky & Rob



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20 Nov 2008 13:18 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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There are several companies doing these foreign currency mortgages, they are generally Japanese Yen, Swiss Francs etc....

Smiley is really the man to give advice about this but in my experience they are fine,not for everyone as they are quite high maintenace and do come with fees.

Some of the lenders charge for a broker to monitor the currency markets and switch you in and out of the best currency at that moment in time.

I do not know this company in particular but i do know of others that have been offering this service for some time now.

Obviously to gain an advantage in the market there is a higher fee to pay for the service, as they say "there is no such thing as a free carrier bag!"

Make sure whoever you use is regulated and read the small print, i would imagine Smiley uses these products so i would drop him  a PM.

Hope that helps.

 



_______________________
www.taylorlandandpropertygroup.co.uk still here after all these years!



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20 Nov 2008 15:15 by robmct Star rating in Edinburgh/London - .... 196 posts Send private message

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Thanks Georgia  

They charge 499 + IVA just to package it, if no offer, no refund... then charge 1% fee...

Cheers

Rob

 

 

 





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20 Nov 2008 17:43 by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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I think all these companies work with pretty much the same criteria and charges.

I would be interested to know if anyone has used one recently as clients often ask me what i think of them..(the mortgages,not the clients.....)



_______________________
www.taylorlandandpropertygroup.co.uk still here after all these years!



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21 Nov 2008 23:28 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Havent heard of low rate Spanish mortgages. There is only one lender currently offering currency mortgages for Spain that I would be inclined to trust and that is Lloyds International. They do not offer a managed service so it is very much up to the client to manage the currency risk - in fact except in extremely rare circumstances they will not lend in anything other than Euros for Spanish property unless the client is paid in the currency of choice of the loan or has some security that is based on the currency. There is MASSIVE risk unless you fit this criteria. In the late 80s in the UK Swiss Franc mortgages were being touted around the UK market - UK rates were about 7.5 to 8% and SFR mortgages were being offered at about 3% - huge number of people that got sucked in lost a massive amount of money. They are banned in the UK these days unless you meet the same criteria on earnings/security. We had a "packager" approach us to offer this service to clients - we already knew about the product on offer - the packager told us it was available to anyone with a pulse - when asked about who was managing the currency risk the reply was that the client could switch in and out of the different currency without restriction for payment of a one off fee - when I replied that was not what I meant and please answer who is managing the currency exchange risk it appeared they didnt even understand the meaning of my question. In short they are for the very well informed and experienced, the brave or the stupid. ALL THAT GLITTERS IS NOT GOLD.



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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21 Nov 2008 23:34 by robmct Star rating in Edinburgh/London - .... 196 posts Send private message

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Hi Smiley

Thanks for update,  i totally agree, it sounds so dodgy i did not even reply to here mail... Im keeping well away..

I spoke to Barclays about there offer of paying all fees but there LTV is only 60%....

Cheers

Rob

 

 

 

 

 





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21 Nov 2008 23:41 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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And tight income criteria as well.



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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21 Nov 2008 23:41 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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And tight income criteria as well.



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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21 Nov 2008 23:43 by robmct Star rating in Edinburgh/London - .... 196 posts Send private message

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So are there any good re-mortgage deals out there ??





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22 Nov 2008 00:14 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Remortgage is always prickly up to 65% with cashback of 3.5% post completion - however many lenders might go higher but costs at 6% ish tend to put off many people. Subject to who the mortgage is with at the moment many lenders charge a higher rate for remortgage business than for purchase so in the long run you may find you are better off maintaining the status quo.

 

 



_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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25 Nov 2008 15:33 by AMIS Star rating in Coin. 2 posts Send private message

Going back to the packaging fee issue, for the Yen mortgages, I would just be a little wary that it seems to be a third-party that is paid to do the packaging

So, if the mortgage isn't approved, for whatever reason, lowratespanishmortgages can point any blame at the 3rd party

I'm not suggesting that is necessarily the case, but I would be careful

All the lenders that I knew of, that had multi-currency mortgages, pulled them from the market some time ago

cheers



_______________________
  All the best Chris Europa Mortgages  



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01 Dec 2008 17:05 by advisor Star rating in London most of the t.... 311 posts Send private message

Currency Mortgages are of a high risk to reward straetegy and best used by those who have a good working knowledge of the markets and have the cash to cover any losses, even in the UK we are hesitant to provide infoirmaiton let alone recommend currency mortgages as the only time there is a real interest is when their is an interest rate feeding frenzy!

 As a summary when they work well they really work well, when they perform poorly............................



_______________________

 

Nobody plans to fail, many fail to plan, sadly the result is the same.

 

 




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01 Dec 2008 17:06 by advisor Star rating in London most of the t.... 311 posts Send private message

Currency Mortgages are of a high risk to reward straetegy and best used by those who have a good working knowledge of the markets and have the cash to cover any losses, even in the UK we are hesitant to provide infoirmaiton let alone recommend currency mortgages as the only time there is a real interest is when their is an interest rate feeding frenzy!

 As a summary when they work well they really work well, when they perform poorly............................



_______________________

 

Nobody plans to fail, many fail to plan, sadly the result is the same.

 

 




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09 Dec 2008 12:11 by lipservice Star rating. 7 posts Send private message

** EDITED - Spam **



This message was last edited by EOS Team on 12/13/2008.



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09 Dec 2008 12:16 by lipservice Star rating. 7 posts Send private message

** EDITED - SPAM **



This message was last edited by EOS Team on 12/13/2008.



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12 Dec 2008 13:03 by lipservice Star rating. 7 posts Send private message



This message was last edited by lipservice on 1/2/2009.



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02 Jan 2009 14:36 by lipservice Star rating. 7 posts Send private message

There is always a risk with a multi-currency mortgage but hey, aren't we switching currencies here anyway. My Euro mortgage is costing me 30% more now than a year ago as I get paid in Pounds. I do not know of lowratespanishmortgages but my brother in law has a Yen mortgage with HSBC in England and reckons he's saved load's in the past 2 years...try Cluttons private finance

 

byeee





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02 Jan 2009 20:50 by advisor Star rating in London most of the t.... 311 posts Send private message

Yes, most are switching via currency exchange however if forward bought it offers a potential solution that is easier for the average person to understand, that said for those who currently have lots of equity on property in the UK it would seem sensible to remortgage that and take advantage of rates around 3% then with the proceeds "nick" hopefully something like 1.05 euro-£1 and pay off a large chunk of the spansih mortgage.



_______________________

 

Nobody plans to fail, many fail to plan, sadly the result is the same.

 

 




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07 Jan 2009 21:49 by lipservice Star rating. 7 posts Send private message

Nothing ventured nothing gained... how did George Soros make his fortune? simple currency exchange and the markets! That's what differentiates us all, some will take a mimnimal risk and others will always always play safe. As in business, the entreprenural spirit will always succeed.





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