A weakening euro and last week's drop in the European Central Bank's (ECB) benchmark interest rate to a historic low of 0.25 per cent should be welcomed by British people considering a property purchase in the Eurozone.Richard Way, Editor at The Overseas Guides Company said:
"Getting a mortgage in some Eurozone countries, such as France, has never been cheaper and the latest interest rate fall by the ECB means home loans could get even more attractive. Of course, anyone with an existing tracker euro mortgage should benefit from the new rate immediately. And anyone who services a euro mortgage with a Sterling income benefits immediately from a weaker euro too, as the value of their repayments in Sterling decreases.
Meanwhile, using a currency specialist, like Smart Currency Exchange, to forward purchase euros and fix an exchange rate for monthly mortgage repayments could save overseas mortgage holders even more money, and at the very least bring peace of mind.
Mr Way concluded:
Given that property prices in most Eurozone countries remain heavily depressed, it's looking like we'll end 2013 with very favourable buying conditions for British people in Europe",