These are mortgages where the loan has been drawn down in another currency which is not Sterling. Such loans require careful consideration as they can be beneficial however the opposite also applies and in some cases borrowers have found the mortgage debt has increased.because of currency movements. Financial advice should be sought if considering such a mortgage.

a mortgage where the loan is drawn down in another currency rather than in

A mortgage that is taken out in a currency other than Sterling (eg: Euro). A foreign currency mortgage could be taken out by a borrower who is paid in foreign currency, or perhaps to buy a holiday home abroad. The potential for currency fluctuations mean that this type of mortgage carries a higher risk for both the lender and the borrower interest rates charged by lenders will reflect their risk.

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