Transfer your French mortgage payments with Moneycorp
Once you have decided on which mortgage is best for you, you will need to organise the best way to pay this each month. If you do not already have a regular income stream in France you will presumably need to convert funds monthly from a UK account to your lender in France. Making payments in a foreign currency will mean you are exposed to movements in exchange rates which will affect the final cost of the property in France you are buying.
Moneycorp has developed a product specifically for those paying a regular amount in a different currency. This is called the Regular Payment Plan (RPP) – it is fully automated, hassle-free and tailored specifically for transactions like overseas mortgages and pension transfers.
How it works
They collect your sterling via Direct Debit and automatically send the foreign currency abroad. The transfer fees are some of the lowest around – £4 for Standard (3-5 days) and £8 for Express (1-2 days) – plus, the exchange rates are highly competitive.
With the RPP, transfer schedules are flexible, ranging from weekly to annual, and there’s even an option to fix your exchange rate for a set period of time.
To manage the cost of your regular payments, you can choose from a number of options to suit your requirement:
1. Fix the sterling amount – you’ll know how much sterling will be debited from your UK account for each transfer. The amount of foreign currency you will receive in your overseas account will vary according to the exchange rate at the time of transfer.
2. Fix the foreign currency amount – you’ll know how much foreign currency will arrive in your overseas account every time. The amount of sterling debited from your UK account will vary according to the exchange rate at the time of transfer.
3. Fix both – you’ll know exactly how much sterling will leave your UK account and how much foreign currency will arrive in your overseas account. This option is available for a period of between 6 and 24 months.
Additionally, with Moneycorp you can be given access to your own personal online account, managing your transactions as you go along.
Sextant Properties Ltd comply with the UK Data Protection Act 1998. Your details remain private and confidential and will only be used by Moneycorp to contact you to communicate about your currency requirements