Cyprus Property Forum for Buyers, Sellers & Investors

Dear Nigel
We have a CHF interest only mortgage, which we have to renegotiate for about this time every year, as we cannot afford to pay a repayment mortgage. It is actually renewed on 30th March, we have tried negotiating longer agreements and better rates with no joy, as each annual renewal is penalised with a higher rate. The mortgage is with Laiki bank, and we have to deal directly with our branch in paphos, rather than the mortgage office, which apparently is just up the road. Even when we have flown in from England to sort out finances, they still refuse to deal directly with us.
Do you think it would be worth us leaving application until after the elections, in the hope that something might change ?

Many Thanks

Hawki99

Dear Hawk,

Welcome to the forum.

I have emailed you a list of various groups who are (a) taking legal action against the banks alleging the mis-selling of Swiss Franc mortgages and (b) negotiating with the banks in efforts to reduce their repayments.

I suggest you contact them and decide which (if any) you would like to go along with. It's advantageous to be part of a group as it will have a better chance of success in getting the bank to listen.

Regards,