Overseas Mortgage Payments

Let us make a simple assumption that someone living in the UK has a monthly overseas mortgage payment of 2,000 EUR. With a few simple steps, we can help take the stress away by ensuring that the monthly payments are met.

Practically speaking, we can do this by simply adding up the whole year’s monthly instalments and then giving the client an average rate for the whole year of (for example) GBP/EUR 1.4.

In this way, the exchange rate applied is the same the whole year and this means that the Pound Sterling amount will be constant so that a Direct Debit can be put in place. Therefore, the monthly outgoings can be budgeted efficiently.

If we assume you would be saving 2% from your bank’s commission, then this would equate to a yearly saving of GBP 342.84. With a 15 year mortgage, this could mean a saving of GBP 5,142.60 and all stress free, via our professional service.

The details are illustrated in the table below:

Mortgage payments	EUR Amount	GBP Amount	Savings GBP (2%)
January	2,000	1,428.57	28.57
February	2,000	1,428.57	28.57
March	2,000	1,428.57	28.57
April	2,000	1,428.57	28.57
May	2,000	1,428.57	28.57
June	2,000	1,428.57	28.57
July	2,000	1,428.57	28.57
August	2,000	1,428.57	28.57
September	2,000	1,428.57	28.57
October	2,000	1,428.57	28.57
November	2,000	1,428.57	28.57
December	2,000	1,428.57	28.57
	Annual Savings (£)		342.84
	Savings on a 15 yr mortgage (£)		5,142.60

Four technicalities to bear in mind are :

• Direct Debits usually take 5 working days to clear;
• Although we send international money orders with “Priority”, another 4 to 5 working days should be calculated as a measure of safety before the funds reach their destination;
• We shall hold the final payment as a deposit and the other 11 monthly payments shall be made via Direct Debit. The final 12th payment has already been paid by you (as a deposit) and this will be sent on when the 12th instalment is due; and
• In the event that the mortgage is ongoing, we shall call you to arrange for the next 12 months so that we can take the stress out of the process for you.