Swiss Franc Mortgage

Financial questions answered by Independent Financial Advisor Mark Nowell

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richard2
Posts: 5
Joined: 08 Jan 2012 01:40

Re: Swiss Franc Mortgage

Post by richard2 » 08 Jan 2012 14:41

Nigel Howarth wrote:Hi Richard,

I don't believe there are any differences here between the ways different banks handle defaulters - but some, I guess, will be more amenable to negotiation than others.

I published an article a couple of years ago on how to go about dealing with this problem - see http://www.news.cyprus-property-buyers. ... /id=001361

Do you have a €uro or Swiss Franc mortgage?

Regards,
Thanks Nigel. I have a Euro mortgage but my payments doubled after I came off the interest only and now even with my apartments rented I add in €600 a month. With void periods Ive been subsidising by £10k a year and now have no more savings. With no sign of title deeds or an increasing market and my job position its unsustainable.

Asked about different banks as Alpha seem more aggressive than Laiki Marfin who have tried to help in the past by giving me an extra year interest only (although they are totally unreliable in responding to calls and email).

I wanted to see if you or anyone else had any knowledge or experience of defaulting specifcally with Laiki Marfin.

I think we should start to share information about how the different banks treat defaulters (in fact Nigel can you please start a new thread on this topic?- I cant see how to do it myself)

Regards
Richard



bendybunny
Posts: 7
Joined: 14 Nov 2010 19:35

Re: Swiss Franc Mortgage

Post by bendybunny » 24 Jan 2012 00:34

My Group are in the same boat re the swiss franc mortgage, at present out legal team has sent in excess of 40 case files fwd re the Alphabank.
The legal group have given us a Barristers opinion of our case and are actively pushing forward.
Bendybunny



JaneDoe
Posts: 22
Joined: 31 Aug 2011 19:08

Re: Swiss Franc Mortgage

Post by JaneDoe » 24 Jan 2012 07:46

"Stop all payments, disown the property and wait for the Bank to take legal action - possibly 8 years -
and hope that the UK courts will be lenient in enforcing the Cypriot court's judgement."



UK Courts are oblidged to enforce Cypriot court's judgments and this is the way in which now banks instruct their lawyers.



dragontrollrose
Posts: 1
Joined: 26 Jan 2012 00:19

Re: Swiss Franc Mortgage

Post by dragontrollrose » 26 Jan 2012 10:16

We've also been stung by the swiss franc mortgage. Bought house 2006 145,000 cyp pounds. Put £50,000 deposit left us with what converted to about £130,000 mortgage uk sterling. 6 years in and to settle this mortgage would cost 286,000 euro's!!!! Recently have been paying lower amount as agreed by bank but can't carry on like this as the interest and exchange rate is escalating.

The advice we just recieved from a uk financial advisor last night after years of soul searching and burying our heads is to.................

Try to sell the house for whatever we can get...if we're lucky I'd say 200,000 euro.

My hubby just lost his mum before Christmas and we'll get about 50,000 from her estate. The last thing we want todo is throw that away on this house but.... Offer that as a settlement figure to pay the rest.....it will still leave a shortfall but they may agree to let it go, who knows it can happen in the uk.

We will be out of work in 18 months due to my hubby retiring from British forces and us returning to the uk where we have a house we wish to move into........I'll do anything to protect that for our young family. That is why the whole run away and hope they won't catch us thing is really not worth the worry and constant panic attack every time the post arrives. I do believe Alpha Bank are on a mission as we were 2 weeks late with our last payment awaiting correspondance from them as to whether we could continue with the lower payments and we received a demand letter from uk debt agency......for being just 2 weeks late?!!!

The sad thing is no matter how many hours I spend trawling the internet for a happy ending story it just isn't there. I feel we have to just cut our loses (which amount to a hideous amount) and once this has gone we can get on with our lives..............yes a lot poorer and very bitter and hurt but we can move on. To continue to keep the house will be a ridiculous strain on us financially, our management fees alone are 155 euro! The future is just so uncertain.

We are ringing for a meeting to discuss with the bank to see if this could be an option. I'm absolutely heartbroken and still in total disbelief that this has happened to so many honest hard working brits in this God forsaken thieving country. Oh and we were burgled here too, just to screw us even more!!!!

Would love to hear what any of you think of our advice we were given and also has anyone heard what happened to Maurice?

Good luck everyone with your plights, I'm trying to keep positive by looking at my beautiful two boys and being grateful for little things these days. xx



thelma65
Posts: 11
Joined: 09 Dec 2010 01:30

Re: Swiss Franc Mortgage

Post by thelma65 » 25 Feb 2012 14:43

grebow wrote:Can I ask if anyone on here purchased their properties via BMS homes in the UK through Hassapis developers in Larnaca and Pyla?

If so I have some very interesting information that might be of use to some of you.

hi yes i have done the same - do you know about the group that is put together yet?



ceramics_queen
Posts: 1
Joined: 27 Jan 2012 03:52

Re: Swiss Franc Mortgage

Post by ceramics_queen » 14 Mar 2012 02:58

Hi.

Yes, we bought our apartment in Majestic Gardens via BMS Homes from Hassapis. We went to Birmigham to sign our documents. Funny how thing change once they have your signature.

Any info you have would be useful as we, along with so many others, are now trapped in the Swiss Franc mortgage nightmare. Thanks BMS Homes: our holiday dream has turned into a nightmare worse than we ever thought possible.........



Nigel Howarth
Site Admin
Posts: 2308
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Swiss Franc Mortgage

Post by Nigel Howarth » 14 Mar 2012 10:53

Hi ceramics_queen and welcome to the forum.

The Larnaca Golf Property Action Group (LGPAG) is taking legal action against the developers in the Tersefanou Golf region regarding mis-selling of apartments with over a fighting fund of £350,000

Due to a large number of distressed investors who have been in contact, LGPAG is holding a meeting in London on Saturday 28th April 2012 at 12 noon.

There will be a nominal fee of £10 per person to cover costs for venue.

If you have bought into the Larnaca Golf project you are welcome to attend the meeting. Please visit the LGPAG website and register your attendance.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

thelma65
Posts: 11
Joined: 09 Dec 2010 01:30

Re: Swiss Franc Mortgage

Post by thelma65 » 15 Mar 2012 11:44

hi has anyone dealt with
www.judicargroup.com???
im just seeing if they can help with this swiss franc nightmare

i too bought through BMS HOMES in bham and hassapis in pyla !!
What a nightmare - i just want to hand my keys back to alpha bank and give up my 2 apartments
has anybody any other advice what to do -=

i cant afford the repayments and frankly i just want to end this nightmare



Nigel Howarth
Site Admin
Posts: 2308
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Swiss Franc Mortgage

Post by Nigel Howarth » 16 Mar 2012 10:05

Dear Thelma,

I know that a number of people who bought Alpha Panareti properties are using Judicare - there are also others using Louise Zambartas, Chris Christofi, Stelios Stylianou and a number of other companies.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

maurice
Posts: 17
Joined: 31 May 2011 09:56

Re: Swiss Franc Mortgage

Post by maurice » 19 Mar 2012 19:46

Hi Dragontrollrose
Yes! I know what happened to Maurice! Still negotiating with bank but may be some light at the end of the tunnel!
Maurice



bendybunny
Posts: 7
Joined: 14 Nov 2010 19:35

Re: Swiss Franc Mortgage

Post by bendybunny » 11 May 2012 00:21

Hi Thelma,
Judicare appear to be one of the only groups actually doing anything here and the one with the Barristers who actually are qualified to actually go to Court. Some of the companies touting for business talk a good case but that is as far as it gets. One wants 15.5 K to start with and then a further 7.5 k with no end in site. Judicare have at least given an end cost



Kris-p
Posts: 1
Joined: 23 Jul 2013 10:35

Re: Swiss Franc Mortgage

Post by Kris-p » 23 Jul 2013 12:30

Hi Nigel,

New subscriber here, any idea when the swiss franc will go back to how it was pre downturn? I understand you havn't got a crystal ball but an educated guess would be something to go on. I read a piece in the property news from the Chairman of the Bank of Cyprus in which he said the past administrator's should applogise for their iresponsable lending. I wonder if he will back up his words with some appeasement and understanding in his customers trying to pay their mortgages?

Thanks

Kris-P



Nigel Howarth
Site Admin
Posts: 2308
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Swiss Franc Mortgage

Post by Nigel Howarth » 23 Jul 2013 22:07

Hi Kris-P and welcome to the forum.

I can give you an uneducated guess on the Swiss Franc - I can't see it weakening against Sterling or the Euro until the problems are resolved. For Sterling I guess we're looking at 3-4 years - for the Euro 2018-2020.

It wasn't only the Bank of Cyprus that was handing out money like confetti - all the banks were at it!

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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