Having had a foreign currency mortgage, denominated in Swiss Franc, taken out on a property bought in Euro here in Austria, since Swiss Franc mortgages were a popular instrument prior to the Financial Crisis, I’ve seen the destructive effect that a currency devaluation can have for borrowers. The effects of a Brexit could be similar for Brits abroad who are using their Sterling savings to keep afloat in the Euro area. Regardless of whether financing of property is involved, the effects of a Brexit are likely to cause considerable volatility for Sterling.
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