Homeowners plotting the acquisition of a second home in the sunny climes of California or Florida have been urged to act quickly in the light of the present exchange rate situation.
This month, the pound hit its highest level against the US dollar for more than a decade when it was revealed that £1 can now be exchanged for more than $2.
And Mark Bodega, marketing director of currency exchange specialists HiFX, has pointed out to people considering arranging international mortgages that now could prove to be a particularly attractive time to buy across the Atlantic.
"The last time the pound traded consistently above $2 was in 1975," he said.
"For those planning to take the plunge and buy in a dollar country, now is a fantastic time to get the most for your money."
However, Mr Bodega recommended that people considering a property acquisition may wish to consider fixing the exchange rate at the start of negotiations to ensure they get a better deal.
Recently, financial services specialist Prudential revealed that 55 per cent of wealth in the UK is now kept in the form of property, which represents a 13 per cent rise since 1996.
Act now to secure cheap international mortgages, financing expert advises
Thu, 19 Apr 2007
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