With a rise in the number of people looking at the overseas property market, Mark Bodega, marketing director of HIFX plc, said mortgage intermediaries were failing to realise the benefits a currency and exchange organisation could bring them, and their clients. He said: “There are more and more people looking at the overseas market. About 75 per cent of people who buy a property abroad go to their bank, missing out on savings and security they can get from a currency broker.
“Mortgage intermediaries who recommend using a currency broker can receive a commission and save the client money. The client knows exactly what they are paying each month, with the rates fixed for up to two years in advance, so will pay the same even if exchange rates fluctuate.”
He added: “People who buy a property overseas do not always think about the details as much as they might if they were to buy a property over here, but the risks are the same, and the costs and fees different. Having the ability to know exactly how much you are paying, regardless of exchange rate movement, helps clients to better prepare.”
Simon Conn, managing director at Conti Financial Services, commented: “It is a good idea to use a currency broker, as it could save the client a considerable sum of money. The money that is saved could equate to up to 10 per cent of the transaction, which could be the difference between the deal going ahead or not for the client. We use a similar service.”
