NJDoherty Property

Tel: (074) 93 74300

Currency

Neal J Dohery and Son are happy to refer our customers to the following service provided by Complete Currency. Read below the case studies of our customers either buying in the Republic, paying a Euro mortgage but earning Sterling or purchasing foreign properties (ie Spain, Bulgaria, France, USA etc).

The Studies below are actual cases (with names changed).

YOU GET PAID IN STERLING BUT PAY YOUR MORTGAGE IN EUROS?

If you are buying a property abroad, emigrating or making regular payments to service a cross border or overseas mortgage then Complete Currency can help you to make substantial savings by limiting exposure to Foreign Exchange (FX) risk.

We offer:

Best exchange rate

Fast money transfer

Full variety of foreign exchange products

No hidden charges

Free consultation

Direct Access to the foreign exchange market

Specialist foreign exchange traders with over 30 years experience in foreign exchange

Through a mortgage regular repayment plan, Complete Currency can remove unnecessary bank transfer and commission fees, remove FX fluctuation risk by locking in a rate for up to 12 months, remove the hassle of physical cash payment and, from savings through using the plan, assist in off-setting rising interest rates.

Case Study 1

Mr & Mrs Smith, from Derry, wanted to purchase a property in Quigley's Point Co. Donegal. The purchase price was €262,649.00. On the 2.2.07 Complete Currency gave them a GBPEUR rate of €1.5085 translating to a Sterling purchase price of £174,112.69. The best rate that the Smiths could negotiate with their own bank was a rate of €1.4449 which would have meant a purchase price of £181,776.59. The Complete Currency saving in this case was £7,663.90.

Case Study 2

Mr & Mrs Jones work in Derry and live in Muff, Co. Donegal. Their mortgage is €950/mth or €11,400/year. The average exchange rate from their bank in 2006 was €1.4338 which meant they paid £7,950.84 after currency conversion but they also paid bank Telegraphic Transfer fees (12 x £25) of £300 plus bank FX commission (12 x 2%) of £159.01 giving a grand total for the year of £8,409.85 paid out.

In January 2007 Mr & Mrs Jones came to Complete Currency and decided to lock in a fixed rate of exchange for 12 months. As Complete Currency provide superior rates to the banks the Jones's secured a rate of €1.5000 guaranteed free from FX fluctuations. This means that they know their total mortgage payment for 2007 will be £7,600.00 and only £7,600.00 as Complete Currency do not charge transfer fees or commission. The total saving to the Jones's for 2007 against 2006 will be £809.85.

Case Study 3

In June 2006, the Browns from Derry wanted to purchase a pre-plan 2 bedroom apartment in a new development in Spain. The purchase price was €285,000.00 and the transaction consisted of a deposit and staged payments up to 70% with the balance payable upon completion. The Browns took out a Sterling mortgage then came to Complete Currency and secured a rate of €1.4570 for the initial deposit of 20% in June (bank rate was €1.4263, saving was £842.05) and at the same time secured forward contract rates for the 15% due in September '06 at €1.4530 (bank rate was €1.4215, saving £651.98) and 15% due in December at €1.4502 (bank rate was €1.4200, saving £626.94). The penultimate payment of 20% was due in March 2007 but after discussion with Complete Currency the Browns decided to hold to see how rates would develop with the objective of securing a better rate closer to March 2007. Complete Currency contacted the Browns in December 2006 and indicated that the rate available at the time was €1.4969 which was duly secured for the 20% March payment (the spot rate for March was €1.4701 and bank rate was €1.4411, saving £1,474.42).

In May 2007 the Browns sold the property for a profit of €35,000 and used Complete Currency to repatriate the Euros into Sterling at €1.4720 (bank rate was €1.5010, saving was £459.38). By using Complete Currency for their FX transactions the Browns made a saving of £4,054.77.