Cyprus-Forum.com

[Bluejay]

We have the choice of currencies for a mortgage (CYP£, Euro, Swiss francs). We live and work in the UK and are buying for holidays and maybe some rental.

Given the currency fluctuations, exchange rates, and possible devaluation of the Cypriot pound in which currency would you suggest the mortgage should be best taken out. We would be paying the mortgage from the UK.

My thoughts are Cypriot pound so that if/when devaluation occurs we owe in Cyprus pounds and would therefore obviously find it much easier to make the payments. However, I'm a bit scared of what the currency could do over the next 18 months leading up to the Euro.

Any advice would be much appreciated again. Thanks Bluejay.

[littlemiss]

hi bluejay, me and my husband were in the same position but were recommended to take it out in euros, one cos cyprus plans to change to the euro in the next couple of years and even our bank manager has his in euros so it must be the safer option. I find the whole thing very confusing and really dont understand most of it so im just praying we made the right decision

[Swashbuckler]

There's talk of an interest rate hike in the UK so would avoid taking it out in Sterling

[Bluejay]

Thank you to you both for advice. All input gratefully received.

Lana,
Do you have any advice on this subject ? You seem to be well informed. Thanks Bluejay

[Hazza]

I've applie for a Morgage on Swiss Francs. Saving around £55 a month on my repayments.

Saw the economic chart for the past 20 years and it has been very stable.