HSBC Offshore has released a mortgage aimed at the increasing number of British people working and living abroad which allows expats to use their foreign income to pay for it.
Mortgages will be available for both buy to let and residential property, and aim to eliminate any adverse exchange rate movements during the mortgages’s life.
Mortgages will be available in US, Australian, New Zealand, Canadian and Hong Kong dollars, as well as euros. There will be no currency exchange fees charged on monthly payments, with a single currency switch being allowed per year. This will allow borrowers to benefit from advantageous changes in currency values.
Sandeep Sachdeva, head of international personal banking, HSBC Offshore, said: “The new mortgage facility designed for internationally mobile individuals nicely compliments our existing sterling mortgage service. In addition, it offers them a flexible and smart way to free themselves from the worries of the volatile currency markets when they decide to buy a UK property. Even better, they are not tied in for the long term because they can switch from one currency to another when opportunity arises.” The mortgage will be available to all non-UK residents who hold an account with HSBC Offshore, in the same currency as the mortgage.