Cyprus Property Forum for Buyers, Sellers & Investors

Hi

I currently have a swiss franc mortgage and my repayments have gone up more than 50% since i started paying 3 years ago, coupled with the fact a tennant left early and wrecked my appartment i am now left with no tennant for the last 9 months as the market in Larnaca has evaporated.
With the rise in the swiss franc the money i owe the bank is far more than the value of my property so selling is not an option and also do not have title deeds ,can anyone help with my dilema as investing in cyprus is not the good thing everyone tells you about

Cheers

Andy

Hi Andy and welcome to the forum,

Unfortunately many people who took out a CHF mortgage are being hit by the exchange rate - plus some of the banks have increased their margins.

There's an article in my magazine that you may find useful at http://www.news.cyprus-property-buyers. ... /id=001361

There is also a company in Paralimni that may be able to help. The contact is Sarah Hordle and you can find the website at http://www.essentialconsultantcy.com/

If you become really desperate, there are a number of 'Vulture Fund' companies who may be able to find someone to take the property off your hands - there's an article about one of them in my magazine at http://www.news.cyprus-property-buyers. ... /id=004490

Regards,

Thanks Nigel

Not quite at the selling the property to the vulture company yet,can just about afford the payments but is there any end to this increase in the exchange rate.
May contact the other company to see what my options are for my mortgage,would be a lot easier if could get tennant in, but the market for one bedroom apartment in larnaca centre seems to be flat even thogh my property is only 12 months old.
Hopefully the euro will strenghten sooner rather than later and can get back to normal.

Thanks again

Andy

Hi everyone

Just read an article wich quotes "The Swiss Franc will continue to strenghen against the euro to a possible 1.2 swiss francs against euro" which will cause more misery for us CHF mortgage holders for years to come.What a disaster

Andy

andy0101 wrote:Thanks Nigel

Not quite at the selling the property to the vulture company yet,can just about afford the payments but is there any end to this increase in the exchange rate.
May contact the other company to see what my options are for my mortgage,would be a lot easier if could get tennant in, but the market for one bedroom apartment in larnaca centre seems to be flat even thogh my property is only 12 months old.
Hopefully the euro will strenghten sooner rather than later and can get back to normal.

Thanks again

Andy