Foreign Exchange for Individuals

Caroline and Tony recently bought on a quiet urbanization in Puerto de Mazarron, on the Costa Calida in the South-East of Spain. The couple were attracted to the area by its clean Blue Flag beaches with warm crystal clear waters and over 320 days of sunshine.

As the story goes for many overseas property buyers, Tony and Caroline dreamt of buying abroad after watching the many TV programmes that fill the schedules. But it was only when the couple had some bad news that they decided to turn their dream into a reality. Caroline says: “What really gave us the push to get on and do it was when I was taken ill with a nasty virus and then discovered a lump in my breast which needed removing just before last Christmas. Although it was benign, the whole experience encouraged us to act sooner rather than later. We also knew that property prices in that area were going up the longer we left it. Convalescing at home gave me the opportunity to do some internet research on different countries and regions as well as looking at companies selling overseas properties. I also used to use the internet to constantly look at properties which is how I found the property I fell in love with. We went on an inspection trip in February this year, put a deposit down and became the owners at the end of April.”

The couple will be renting out the property for the majority of the year and plan to use it themselves twice a year, possibly for the half-term week in May and then in the October half-term. They would very much like to escape to their sunshine home more often but with mortgages to pay they need to ensure the rental revenue is coming in. They say it’s been incredibly easy to rent out and advise anyone considering renting a property to do so via the net and not to be over zealous with rental charges.

Caroline came across Currencies Direct when referred by their agent and said “we found registering and using Currencies Direct very easy. The really friendly, helpful and efficient staff made sure we were kept up to date when rates moved to ensure we got the best deal. Currencies Direct gave a very professional service during this whole process – they’ve been brilliant throughout. Next we will be taking advantage of Currencies Direct’s regular payment service to send money to Spain to pay our mortgage!”

Asking them what they love about where they’ve bought, they struggle to choose just one single thing. Caroline says: “you can’t beat the fantastic views from the property; we are facing the sea and have the hills/mountains of La Azohia to the left. It really is paradise, the weather is wonderful and people are so friendly and helpful, both Spanish and the other British expats alike. We’ve already made a few friends there who’ve been keen to lend a helping hand and make us feel welcome.”

And lastly, their words of advice to anyone looking to buy overseas, “Consider the alternatives to going on an inspection trip, and if you decide that doing it independently is for you then look at as many different properties as you can. Most importantly, before you leave home research the country, the buying processes for that country and get your finance in place - it is best to have a "mortgage in principle" arranged so that you know how much you can spend on a property. Also be prepared to have funds readily available for a deposit in case you see somewhere you want to purchase. Research the different regions and areas so that you can go and stay in the area you've narrowed it down to. Use the internet, library, watch all the TV shows and buy lots of magazines.”