Cyprus Property Forum for Buyers, Sellers & Investors

Hi, Im looking for some information to help me please.
I took out a multi currency loan in swiss franc with Emporiki for an apartment in Mandria. The interest has increased from approx CHF 700 to almost CHF 1700. I contacted the bank but they are very vague and uncooperative saying it is the exchange rate. Im going to see the manager on wednesday but dont know what to do. I owe CHF 206431 and I thought the interest calculations were based on this amount and I know I'm losing out to the sterling. How does the bank work out the interest, do they convert it back to Euro and then tell me how much CHF I owe? Am I been hit by the CHF/Euro rate as well?
They have raised my interest rate a couple of times and wont tell me what it is now until I see them. The interest now is crazy well over 10% for a loan taken out at 2.5%.
I'm going to have to remortgage or just walk away.
I know I should have researched more before but any assistance would really be appreciated.

Thanks, Kieran

Hi Kieran and welcome to the forum.

Unfortunately many people have been hit by the CHF/Sterling exchange rate and are having to spend considerably more on their mortgages than they budgeted for. It seemed like a good deal when they took them out, but the financial crisis has changed all that.

Some banks have also increased the margin, which just makes matters worse.

There is a company at the eastern end of the island that may be able to help - Essential Consulting. Contact details as follows:

Sarah Hordle
Director
Essential Consulting Ltd
Tel Office: +357 237 31354
Tel Mob: +357 990 34473
Fax: +357 237 41350
email: sarah@essentialconsultantCY.com

Regards,

Thank-you Nigel , I've sent Sarah an email.

Great website, just wish I seeked advice earlier.