Many overseas investors are familiar with the balancing act that needs to be done over currency arrangements, so that the best possible finance deal is achieved, writes Tony Booth.

Despite the vast and often confusing array of mortgage products available in the UK, most have one familiar principle - they operate by employing UK interest rates, the level of which are gauged against the Bank of England base-rate prevalent when the product is taken out.

More experienced investors will also be familiar with foreign currency mortgage products, which reflect the interest rate and currency of an overseas market - usually in the country where a property is being bought.

In recent years, it has become common practise to switch lenders every five years or so to get improved terms.

The intention of most proactive borrowers is to reduce their level of expense by finding lenders that will offer a lower interest rate than their current provider.