Over the last few years, Morocco has started to become the home of luxury properties. As a result of this, more and more people are deciding to buy property there; either to live permanently or to have as a holiday home. Mortgages are also available to foreigners in Morocco, and are available for up to 70% of the price of the property you intend to purchase. A cash deposit of 30% or more will be required; this is paid once contracts have been signed by both parties.

The easiest way to do this is by using a specialist. You can easily move the amount of money needed, or even buy a larger amount of currency and dip into it as and when you need to. Shop around various specialists, as many can offer you a better rate than the banks. They will also give you any advice you need if you are new to the currency world. A bank does not offer advice, help or education when it comes to currency rates, they will simply offer you a rate, and then charge you to move the money overseas! With a specialist company they are professionals who know the market, and know what they’re talking about. They will be able to help you with and questions you may have and also work on your behalf to ensure that you get the best deal possible. Banks do not have your best interests at heart and will do all they can to make money for themselves.

Your money is also at a greater risk if you use a bank. They are only able to protect your money up to the value of £50,000. This means that should something ‘occur’ and go wrong, what happens if your £200,000 is lost? You only get £50,000 back because that is all that was protected. With a specialist, they can guarantee a larger amount, if not any amount of money that you wish to move. This leads to greater peace of mind and takes one more worry off your shoulders.

If you are planning on obtaining a mortgage in Morocco, you will have to show the relevant authorities that you have the means to pay the monthly repayments. If you are a salaried buyer you are likely to be asked to produce the following:

• Bank statements for the last six months.

• Wage slips for the last three months.

• A letter from your employer certifying you as being a genuine employee of the company.

It is necessary to open a Moroccan bank account before you apply for a mortgage; the payments must come out of a Moroccan account. The mortgages are also only available in Moroccan Dirham, and must be paid back in the same currency. The mortgage must also be paid off before you reach the age of 65.