Morocco is a diverse and traditional country and it is this that draws people to its shores every year. Many people enjoy the rich culture that Morocco has to offer and the more modest ways of living.

It is possible for foreign nationals to obtain a mortgage in Morocco, though they must be able to show that they have the means to keep up with repayments and there will be a deposit to pay, usually around 30% - 50% of the property price as mortgages are usually a maximum of 70%. If you are working in Morocco, and have a salaried income, then you will need to take with you when applying for a mortgage:

• Your bank statement of the last six months.

• Your pay slips of the last three months.

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

It is also important to open a Moroccan bank account before you even think about applying, as the mortgage payments will be taken from this account. The mortgages will be given in Moroccan Dirham and must be paid back in the same currency, so if you are planning on keeping some money in a UK account, you will need to seek specialist advice so that you don’t lose too much money when converting the currency.

Jill and Seth have lived in Morocco for the past two years, and recently they were joined by their eldest child, Daniel. Daniel decided to purchase a small apartment close to where his parents live. He had already called Smart currency exchange before he left the UK, and had in fact already purchased a lump sum of Dirham as the rate was so good. When he arrived in Morocco, it was time to pay the final amount of his apartment purchase price, as the deposit had been paid at an earlier date. Daniel knew that all he had to do was make a phone call to Smart and the money would be transferred. 2 days later the money was already in the sellers account and Daniel moved in to his new home. 

He says that he couldn’t have done it without Smart Currency Exchange, and the whole process saved him around £5000, money he would have paid unnecessarily had he decided to use his bank to make the transfers. His younger siblings are also considering moving to Morocco in the near future and Daniel has already passed them on to Smart so that they benefit in the same way as he did. To get in contact with Smart Currency Exchange go to:  http://www.smartcurrencyexchange.com/Currency_quote.aspx