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Boiled down to it's basics, you want to go "long" the british pound because you think it is oversold and ready for a rebound (I don't agree but that doesn't matter). The best way to do that is via Fx. But by having an asset (a house) in England you are already long the pound. Provided any...

If I read you correctly, you are paying <1% interest, right? Why would you take money out of a strong currency where you can get 5% in the bank to convert to a weak one and get an effective return of 0.95% on it?

You didn't mention "paying down the mortgage" in the original post. What interest rate are you paying?

If you feel this way, just buy British Pounds on the Fx markets. Personally I'd still be selling. Edit: Do a search on Jim Rogers and find out what he thinks of the Pommy Pound (and the US$). :eek:

There is no way I would convert A$ to pounds or US$ to buy assets denominated in those currencies. You'll lose your pants trying to pick the bottom of the slide in those currencies. You've heard about "picking bottoms", I assume. :) It is wisest to believe that a trend will continue until...

Why would you that? There is no logical reason to do so.