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Currency News: Protecting against the falling pound

With sterling in freefall, how can you protect yourself from further drops when buying overseas property?

It’s been relatively easy to sweep the referendum result under the rug over the last few months but Theresa May’s announcement that Article 50 will be activated before the end of March means we can no longer deny Brexit’s impending impact. That could be significant for those keen to buy property overseas, but it need not be the end of your dreams.

If you’re one of the many thousands of people in the UK considering buying overseas property, one of your biggest concerns should be the strength of sterling. The exchange rate has been consistently below €1.16 and uncertainty has reigned supreme. So it’s more important than ever to stay informed about overseas property markets. In some markets, incidentally, property values are rising faster than the pound has been sinking, so buying now still makes sense. Follow Property Guides to stay informed and speak to a currency expert at Smart Currency Exchange to get the best rates for your purchase.

Effectively planning your currency strategy might be essential to the success of your move. Having a strategy in place could be the difference between you successfully achieving your aims, or having to give up on your dreams of a life in the Florida sunshine.

It’s important to be aware that any movements at all in the currency market will instantly impact on the price tag of your property on the Algarve, or in the Languedoc. This could well work out positively for you, but on the flip side something could change in a second and your property could no longer be within budget. When you’ve got your sights set on a dream property – this just isn’t a gamble you should be willing to take.

Fortunately there is a way to lock in the price of your property. Currency experts, Smart Currency Exchange offer a service called a ‘Forward Contract’, which allows you to secure an exchange rate that you’re happy to trade at for up to a year. This means that whether you need to transfer funds to the Costa del Sol, to the Tuscan countryside, or to wherever your overseas property is, you will know exactly how much it will cost you each time because your exchange rate is set in stone.

With so much currently up in the air, it’s more important than ever to take the necessary steps to protect yourself, your finances, and your dreams of buying overseas property.


 

Oct 18, 2016 | 621 Page Views

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