I am purchasing two polish apartments and final payments are due End 2008/Early 2009.

When PS calculated the deals the exchange rate was around 5.86 PLNs / £1 now the £1 will only buy 4.28 PLNs.

I was planning to use sterling to fund my final payment but this move in exchange rates will, on a quick calc increase the required funding by £13,546! (Thats just for one apartment).

The only way I can see round this is to apply for a polish mortgage, but it sounds like so much hassle and complication; however it could save me a fortune.

Obviously exchange rates change, it is a risk I have taken and not even PS can control currency movements.

However I'm inexperienced and wondered whether there are any other options and what others are doing to mitigate the effect of this?

You could fund half in sterling and half in a PLN mortgage?

Would reduce the risk of a big movement in exchange rates....gain on one, lose on the other.

Thanks for your suggestion and I could hedge my bets that way.

Only problem is, having searched on the forum a lot of investors have had their lives (and wallets) hi jacked trying to sort out a polish mortgage.

I do feel sympathy for the investors who have been given the runaround, (it's happened to me on another investment), and I appreciate that they have shared their experience on here.

Our income is from our company so we would need a lender who would accept and be able to read company accounts. (They have been fine for our UK borrowing.) I read somewhere on this forum that a charge of £800 was paid by one investor for translation of his accounts and then he was turned down and another was told his accounts weren't transparent enough.

I know there have been various discussions on the subject but is there a current consensus on the best product and person to contact?

I got turned down by Raiffeisen after much effort but then Noble bank came good, via Rednet. If I could offer one piece of advice then it would be to get yourself a multi purpose printer / scanner / copier. It saved my life at the start of the year!

You could also go direct to some banks, a quick google search will bring up direct contacts at BZW bank, although I never saw this through as I was at an advanced stage with Rednet / Noble bank.

Thanks for the reply James

Noble Bank /RedNet seem to come across as the best package; I'd rather go with the well trodden route than be a pioneer with an untested lender found by Google.

I'll make sure I'm all wired up as well ~ thanks for that

Hi

I have got 2 mortages through Noble bank they were very good . I tried 2 companies prior without sucess.

I would like to ask if any one has taken out the savings plan with Noble bank which is touted as giving a return of 15% and is tax free as it has a bit of life insurance attached ??? [/underline]
Regards

Paul

halo

please use the link below to receive the bank offer which suit your personal circumstances

http: / /www .propertysecrets .net /mortgage -quote .html

kind regards
rednet team

ps. Paul you are full time or self employed?

Hi Daniel,
Do you have a new contact e.mail address?
The Rednet one isn't working.
Thanks,
Sharon G