Exchange Rate /morgage

[simon b]

Would it be better to get a morgage in dirhams from a local bank in Morocco to pay the remaining balance on my appartment until the exchange rate improves and then the morgage of, or pay in full in june and hope the rate improves buy then. 15k-20k extra at current exchange rate to pay

any thoughts welcome.

 

[Damian George]

Hi Simon

what exchange rate are you looking to pay for your property in? Sometimes you can get a euro mortgage but if you want more information on a moroccan mortgages please drop me a line

But sorry to dash your hopes the pound exchange rate aganist anything bar the japanese yen looks to head lower and i dont think the pounds outlook will improve before jun/july

 

[Olimad]

Hi Simon,

i'm in a similar position and i am waiting to see the details of the rental schemes available nearer the time before deciding on how to finance the balance.

If the rent is paid in euros then a euro mortgage may be the best option and vice verca.

Last thing i want to do is be changing sterling into euros or any other currency at this time.

Hoping to get a mortgage that is covered by rental income thus aleviating the need to transfer any money from uk at poor exchange rates.

Paul

 

[Damian George]

Hi Paul,

i agree with you - the euro exchange rate at the moment is so much stronger than the pound - the bank of england printing money isnt helping

 

[simon b]

Hi Olimad
Spoke to Azur Devlopments about rental payments they seem to think that money payed to the owner would be in dirhams. So it makes sense to open an a bank account in Morocco for maintence payments and to apply for a morgage to avoid the exchange rate at the moment the pay it of when it improves

 

[simon b]

Try this easy to use exchange converter copy and paste
Convert Pounds Sterling (GBP) and Moroccan Dirhams (MAD): Currency Exchange Rate Conversion Calculator)