Swiss Franc mortgage

[mikef]

Hi Nigel
my wife and I bought a property in Cyprus in 2007 and was advised to get the mortgage in Swiss Francs. After reading some other posts on the forum i know that we are 1 of many of thousands of Brits who were ill-advised.

Our mortgage was initially with Laiki Bank which is now owned by the Bank of Cyprus.

The trouble is we seem to be fighting a losing battle.
We need to know what our options are and whether we should employ a solicitor to represent us?

Any help and advised would be appreciated.

[Nigel Howarth]

Sorry for the delay Mike, I've only just spotted your post.

It's not only Brits who were ill-advised - the banks were 'cajoling' everyone into taking out Swiss Franc loans.

There are a number of law firms (and others) either negotiating with the banks or taking the banks to court (the first cases are expected to be heard later this month).

You'll find a list of the various law firms/groups at http://www.cypropsn.org/law-firms

I suggest you contact a number of them and see which one best suits you and your particular circumstances.

From what I've heard the Bank of Cyprus is being intransigent at the moment and is refusing to renegotiate loans unless you're willing to pay off the full amount of the loan.

Regards,