Foreign exchange advice 'essential' for overseas property buyers

Property buyers investing in a home abroad have been urged to seek professional advice from a specialist currency broker.

In an article for the Financial Times, Charles Weston-Baker, a spokesman for estate agent Savills International, pointed out that currency fluctuations can lead to substantially higher costs if investors are not careful.

"Constantly changing rates of exchange between international currencies are inevitable and even small rate changes can make a large difference to the purchase price of your property, your mortgage payments or future rental income," he explained.

Consulting a specialist broker instead of a high street bank will allow investors to save thousands of pounds on their transaction by securing exchange rates when they are at their most favourable, Mr Weston-Baker claimed.

Also speaking to the Financial Times, Clare Nessling, operations director at mortgage broker Cont, recommended that overseas property buyers carry out as much research into their purchase as they would if they were buying a home in the UK.

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Posted by Sarah Pitton