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Q:
I will shortly be selling my house and moving to Germany. I would like some advice on how to get the best exchange rate on the money from the sale of my house into euros and transferring the money to a bank account in Germany, or if you could give me an idea where I could get the information I need.
J Emerson, Hartlepool
A:
Jonathan Davis replies:
I always recommend that my clients go to specialist currency brokers for this
type of transfer. If you ‘Google’ the words “currency transfer” (keeping the double quotation marks), you will find a host of firms offering low-cost services.
For this type of transaction, I would think it appropriate to telephone three or four to gauge the savings compared to high street banks, to whom we would normally think of for these transfers. You might also consider a firm we know to be competent in this area, Caxton fx – more details at www.caxtonfx.com.
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Repayment dilemma
6 September 2008 [0 comments]Q:
I own a second property, which I rent out for £300 per month. The majority of this money is currently used to pay off the mortgage repayment, insurance, rates and any repairs. I am not concerned about the fact that I do not make money on the house, as it is appreciating each year in value and the longer-term plan is to use this house to supplement my pension in retirement.
At the moment, the mortgage is £170 per month and almost £80 is made up of interest. It is a small mortgage, currently £15,000. I have this money invested in stocks and shares and was considering taking this money and paying off the mortgage.
There are obvious tax implications with this, but I was thinking that I would be better off paying the tax (if it was less than £80) rather than paying £80 per month in interest. Can you please advise if this would be a wise move or should I just leave the money invested in the stocks and shares and continue to have the tenant pay off the existing bills?
Mr J Roy,
Armagh
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