Alpha Bank and Swiss Franc Mortgages!
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Re: Alpha Bank and Swiss Franc Mortgages!
Hi joepm and welcome to the forum,
I've just e-mailed you a list of the various CHF loan groups.
Regards,
I've just e-mailed you a list of the various CHF loan groups.
Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: Alpha Bank and Swiss Franc Mortgages!
Hi,
Like many I've been struggling with the best way to deal with what has become the Cyprus nightmare...Alpha Bank, CHF Mortgage, etc.
Alpha Bank have offered me a 20% discount (hair cut) if I pay off the outstandig loan now. Just wondering if any one has had similar (or better offers)....and whether this is the best I can hope for. The alternative is to take legal action re mis-selling of CHF loan....with no certain outcome.
Look forward to your replies.
Raven
Like many I've been struggling with the best way to deal with what has become the Cyprus nightmare...Alpha Bank, CHF Mortgage, etc.
Alpha Bank have offered me a 20% discount (hair cut) if I pay off the outstandig loan now. Just wondering if any one has had similar (or better offers)....and whether this is the best I can hope for. The alternative is to take legal action re mis-selling of CHF loan....with no certain outcome.
Look forward to your replies.
Raven
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Re: Alpha Bank and Swiss Franc Mortgages!
raven wrote:Hi,
Like many I've been struggling with the best way to deal with what has become the Cyprus nightmare...Alpha Bank, CHF Mortgage, etc.
Alpha Bank have offered me a 20% discount (hair cut) if I pay off the outstandig loan now. Just wondering if any one has had similar (or better offers)....and whether this is the best I can hope for. The alternative is to take legal action re mis-selling of CHF loan....with no certain outcome.
Look forward to your replies.
Raven
Hi Raven,
Do you have your Deeds?
I have to say, they have not offered us such a 'deal', they are desperate to off load mortgages.
Did you ask them to re negotiate you mortgage to €?
Ladie golfer
Ladie golfer.
Re: Alpha Bank and Swiss Franc Mortgages!
Hi Ladie Golfer,
No, we don't have our title deeds yet. Is that relevant?
Are you saying that you are looking for such a deal....and believe a 20% discount is pretty good?
When you say they are desperate to offload mortgages do you mean they are desperate to get borrowers to pay off their loans....even if they have to offer a 'substantial' discount to them?
Initially they offered a restructuring of the loan involving some discount & conversion to Euros with loger loan period....but I believe paying off the loan in full (even if means a remortgage in the UK) is a better option.
Look forward to your comments....and any others.
Raven
No, we don't have our title deeds yet. Is that relevant?
Are you saying that you are looking for such a deal....and believe a 20% discount is pretty good?
When you say they are desperate to offload mortgages do you mean they are desperate to get borrowers to pay off their loans....even if they have to offer a 'substantial' discount to them?
Initially they offered a restructuring of the loan involving some discount & conversion to Euros with loger loan period....but I believe paying off the loan in full (even if means a remortgage in the UK) is a better option.
Look forward to your comments....and any others.
Raven
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Re: Alpha Bank and Swiss Franc Mortgages!
We have asked for our mortgage to be changed to € but they have not responded, who did you negotiate with?raven wrote:Hi Ladie Golfer,
No, we don't have our title deeds yet. Is that relevant?
Are you saying that you are looking for such a deal....and believe a 20% discount is pretty good?
When you say they are desperate to offload mortgages do you mean they are desperate to get borrowers to pay off their loans....even if they have to offer a 'substantial' discount to them?
Initially they offered a restructuring of the loan involving some discount & conversion to Euros with loger loan period....but I believe paying off the loan in full (even if means a remortgage in the UK) is a better option.
Look forward to your comments....and any others.
Raven
I would ask for the Title Deeds upfront before paying off the mortgage...
Yes I believe they want to get hard cash bank into their accounts, so offering a 'deal' is a good incentive.
We have yet to battle with them over our Deed.............its exhusting...
****Have any others on this Forum had offers / deal from their banks???******
Ladie Golfer
Re: Alpha Bank and Swiss Franc Mortgages!
A company called Evolution Property Partners in Nicosia has been 'negotiating' on my behalf with head office/regional office of Alpha Bank. As far as I'm concerned, negotiationas are still ongoing.
Why do you think it's important to have the title deeds before paying off the loan?
Why do you think it's important to have the title deeds before paying off the loan?
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Re: Alpha Bank and Swiss Franc Mortgages!
The logic behind this is that if the developer went bust, the bank wouldn't attempt to recover the property you purchased as you are its customer - and it seems unlikely that a bank would act against its own customer who had done nothing wrong.raven wrote:Why do you think it's important to have the title deeds before paying off the loan?
So you can look at your mortgage as a form of guarantee.
Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: Alpha Bank and Swiss Franc Mortgages!
I negotiated a discount to pay off both of my Swiss franc mortgages. I was told it was much better to negotiate and settle than proceed with court action.
I sold both my properties at very very low prices then took uk loans out to bridge the gap. I now have borderline crippling loans in the uk but I can service them and I can sleep at night.
I sold both my properties at very very low prices then took uk loans out to bridge the gap. I now have borderline crippling loans in the uk but I can service them and I can sleep at night.
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Re: Alpha Bank and Swiss Franc Mortgages!
DYCHE4230 wrote:I negotiated a discount to pay off both of my Swiss franc mortgages. I was told it was much better to negotiate and settle than proceed with court action.
I sold both my properties at very very low prices then took uk loans out to bridge the gap. I now have borderline crippling loans in the uk but I can service them and I can sleep at night.
Hi very interesting and cleaver way out of this fiasco. I just wanted to ask, did you get your deeds as part of the negotiation to settle?
Yours
Ladie Golfer
Re: Alpha Bank and Swiss Franc Mortgages!
Hi ladie golfer.
No I didn't receive any deeds. I was very lucky( if you can call getting caught up in this mess lucky!) both buyers were cash buyers, lawyer was a pitbull with the bank and estate agents were very good. I often look back in dread and feel very sad for everyone involved.
Mark
No I didn't receive any deeds. I was very lucky( if you can call getting caught up in this mess lucky!) both buyers were cash buyers, lawyer was a pitbull with the bank and estate agents were very good. I often look back in dread and feel very sad for everyone involved.
Mark
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Re: Alpha Bank and Swiss Franc Mortgages!
DYCHE4230 wrote:Hi ladie golfer.
No I didn't receive any deeds. I was very lucky( if you can call getting caught up in this mess lucky!) both buyers were cash buyers, lawyer was a pitbull with the bank and estate agents were very good. I often look back in dread and feel very sad for everyone involved.
Mark
Dyche4230,
Brilliant. Can I ask who your 'Pitbull Lawyer' was? And the estate agent that you used, it sounds like you chose wisley.....Well done.
Ladie Golfer
Re: Alpha Bank and Swiss Franc Mortgages!
Ladie Golfer
Liza loucaides was the solicitor in paphos and Cyprus 101 estate agents.
My only advice would be make your property the cheapest to attract buyers. Once you got a buyer negotiate like hell with the bank then beg borrow or steal in the uk to bridge the gap. Whatever the amount you have to borrow in the uk it's gotta cost less than a lengthy court case that hasn't been tested yet IMHO.
Liza loucaides was the solicitor in paphos and Cyprus 101 estate agents.
My only advice would be make your property the cheapest to attract buyers. Once you got a buyer negotiate like hell with the bank then beg borrow or steal in the uk to bridge the gap. Whatever the amount you have to borrow in the uk it's gotta cost less than a lengthy court case that hasn't been tested yet IMHO.
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Re: Alpha Bank and Swiss Franc Mortgages!
DYCHE4230 wrote:Ladie Golfer
Liza loucaides was the solicitor in paphos and Cyprus 101 estate agents.
My only advice would be make your property the cheapest to attract buyers. Once you got a buyer negotiate like hell with the bank then beg borrow or steal in the uk to bridge the gap. Whatever the amount you have to borrow in the uk it's gotta cost less than a lengthy court case that hasn't been tested yet IMHO.
Brilliant. Thank you for passing on that information.
Ladie.Golfer
Re: Alpha Bank and Swiss Franc Mortgages!
Hi
Anybody managed to re-negotiate a CHF mortgage with Alpha Bank for Euro?
I would appreciate anyone with experience of doing this sharing any information, thanks
Regards
JohnTB
Anybody managed to re-negotiate a CHF mortgage with Alpha Bank for Euro?
I would appreciate anyone with experience of doing this sharing any information, thanks
Regards
JohnTB
Re: Alpha Bank and Swiss Franc Mortgages!
Hi,
It seems to me that the Alpha Bank does pretty much as it pleases without any consideration for its customers and with complete immunity from responsibility.
I would not, in all honesty, be able to say that I was sold an Alpha Bank CHF mortgage without my knowledge but I am finding it difficult to keep up with the mortgage.
My mortgage is now over £120,000 higher than it was when I took it out in 2007. I believe this is because of the rate of exchange for the Swiss Franc.
The way this is going I am unlikely to ever be able to repay the mortgage.
Naturally, the financial advisor that handled the mortgage in the first place is no longer in business (although I am not saying that he did not do what he thought was best at the time).
Can anyone make any suggestions how I might be able to get out of this hole?
Thanks
Keith
It seems to me that the Alpha Bank does pretty much as it pleases without any consideration for its customers and with complete immunity from responsibility.
I would not, in all honesty, be able to say that I was sold an Alpha Bank CHF mortgage without my knowledge but I am finding it difficult to keep up with the mortgage.
My mortgage is now over £120,000 higher than it was when I took it out in 2007. I believe this is because of the rate of exchange for the Swiss Franc.
The way this is going I am unlikely to ever be able to repay the mortgage.
Naturally, the financial advisor that handled the mortgage in the first place is no longer in business (although I am not saying that he did not do what he thought was best at the time).
Can anyone make any suggestions how I might be able to get out of this hole?
Thanks
Keith