Exchange rates

Useful information and news regarding the Fort Noks developments

Exchange rates

Postby admin » Tue Feb 13, 2007 2:10 pm

Dear Buyers,

As a continued service to all of our clients we would like to bring to you the following information: As you may know, the exchange rate from Sterling to Euros is the highest it has been for three years. Because of this, we would like to recommend that you contact your preferred currency company. They can assist you in booking your next payments from the UK at this high rate at no cost to you. This will mean that the property you have purchased will actually work out CHEAPER!

Obviously, as the exchange rate fluctuates this will affect the price of your property. In comparing with the rate for Sterling to Euros, from the beginning of the year up until now, the highest the rate has been is 1.5295 and the lowest 1.46 - on an amount of 100,000 GBP, that is a difference of nearly 5,000 sterling!

To find out more please contact your currency company. For more information do not hesitate to contact us.

Site Admin
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Re: Exchange rates

Postby christine mclean » Mon Dec 15, 2008 1:24 pm

i would like some advise i have just got my letter from fort noks for my next payment 26,461.17 if we pay on the euro as it stands we will be paying far more for our apartment please help we want to pay our paymnet but not at a loss for us christine mclean apartment 375
christine mclean
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Re: Exchange rates

Postby Adam » Mon Dec 15, 2008 2:40 pm

This depends how you are planning to make your final payment.

Firstly, If you have the cash in the UK and are planning to pay the final payment without a mortgage then you will be paying a lot more in sterling than you initially planned.

Second, If you are planning on taking out a mortgage against assets in the UK, then once again your going to be paying more sterling than you planned on.

Thirdly, you could take a mortgage out with a bulgarian bank and assuming the pound strengthens again in the future you will be better off in the long run. In fact, if/once the pound regains it's value you could send over the final payment and pay off the mortgage through either your UK savings or by taking out a mortgage over here and paying off the mortgage on the BG bank loan. There is no gaurantee how long it will take for exchange rates to correct themselves but the way i see it, the current rates are not sustainable (it's too cheap for europeans to buy from UK and too expensive for Brits to buy from eurozone countries). However, i am no financial expert and it's just the way i see it!!!

I paid my final payment (through a bg bank loan) in Jan this year when the exchange rate was around £1/€1.40. This has meant my mortgage has actually increased in sterling even though i have been paying through my nose all year against my mortgage. On the other hand this also means, the value of the property is theoretically higher, but of course this only matters at the point of selling. Had i arranged the finance over here while the exchange was relativley high, i would owe the same amount in sterling but have properties that are worth more in sterling.

Good luck
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