[fliph]

Business idea: Have people in the US proxy 4.5% mortgages to UK residents at 4.75%.

[jakewalker]

You'd have to pay too much to hedge the currency risk, no doubt.

[petercooper]

Unfortunately Iceland provides 1001 horror stories about doing that sort of thing ;-) (take out "cheap" mortgages in Euro, profit, currency takes a dive, oops..)