mortgages

Are there any cruise ship unions/associations that can advise on this ? It can't be an unusual situation. What have other people done ?

The standard advise is to have the mortgage in the same currency as your pay to remove the currency risk although nothings stopping you doing otherwise and keeping an eye on the situation and changing back if it goes to far against you.

The companies that lend on holiday homes will be able to help -

hth

Daytona

In message , Daytona writes

Even that doesnt remove the risk because the security is still denominated on a different currency. The lender may prefer the loan to be denominated in the the same currency as the security especially for such a high Loan to Value which the OP wants. Foreign currency denominated lending generally only goes up to 60% LTV but there are exceptions

If you can find a lender that is happy to do this.

I didnt think it was holiday home he wanted, just a normal home.

In message , Brad writes

You could get a UK mortgage form just about anybody. Whilst 'entertainers' arent regarded as the highest point scoring occupation you will have no trouble in UK.

Ahh, this is where the problems start. A mainstream UK lender wont lend on normal domestic mortgage terms against the security of an Australian property because of the exchange risk and their lack of knowledge of the Australian property market. There are three factors in a domestic mortgage loan, the income, the loan and the security. When one is different from the others the risk increases dramatically. Currency Loans against UK properties are readily available in UK, but the Loan to value is usually maxed at 60%, i.e. you would need a 40% deposit. This would be a bank loan and expect to pay +2% ish over the base rate of the country of the currency you are borrowing in. I am sure Australian Banks will do the same for you, i.e. property in Oz but dosh lent and repaid in £s, but it will be on normal banking terms, not cheap home purchase terms.

Go to a bank in Oz and ask. I dont know their banking market but I would expect that you would need to go to a proper bank, not a local b/soc type outfit.

Finally, it is YOU who gives the mortgage on the property to the lender. The lender does not give the mortgage to you, they give you a loan secured by the mortgage you give them

Use self-cert (lie to buy), the banks couldn't care less these days. If the worst should happen they simply take the property off you, so it's a risk free equation for them.