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When financing a purchase of property abroad, it's essential to understand the potential implications that sharp movements in the currency markets may have on the final purchase price of the property. By working with a commercial broker, a client can achieve better rates of exchange than your bank - in effect saving you money. There are a number of different tools that a broker can use. One of the most useful for clients who have a final payment to make after an initial deposit, or who are buying a property off plan and have stage payments to make over a specified time period, is a Foward Option Contract. This is a mechanism whereby an exchange rate can be fixed anywhere up to two years ahead so the price of the property can be guaranteed in both Euros and Sterling. This gives the peace of mind of knowing exactly what the property costs rather than gambling on exchange rates. Please click on the link above or call Colm Gilhooly on 0800 328 5884 or 0044 1494 725 353 if calling from abroad and mention Greek Island Properties.
Mortgages Obviously every buyer's circumstances are different, but in general raising a second mortgage on a UK property tends to be more cost effective than arranging a mortgage locally in Crete. Subject to meeting the usual criteria you can usually raise a maximum of 80% of the cost of the property. One company who are expert at arranging finance in this area are U.K based Conti Financial Services. What is relatively easy from local banks in Crete is obtaining a loan for renovation/home improvement purposes. Email: info@greek-island-property.com Tel 0044 (0)115 9322751
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