Alpha Bank and Swiss Franc Mortgages!
Posted: 07 Feb 2013 18:06
Hi Everyone,
Following on from a recent article published within the Cyprus Property News regarding Cypriot Mortgage & Alpha Bank. I am writing in the hope that someone may be able to offer some guidance or information please, for an apartment which I purchased with my now ex-wife in Paphos, Cyprus in December 2006. It was purchased unbeknown to us at the time using a Swiss Franc mortgage obtained via Alpha Bank. We were only notified of this being Swiss Franc, when I had to make the first mortgage payment in 2009, prior to this all monies and deposits were paid in Cypriot Pounds, so I assumed that the mortgage was to be in Cypriot Pound or Euro.
I believe that we were misleadingly sold a Swiss Franc mortgage, via our corrupt Bank, Solicitor, Developer, as such I am now paying more than double the amount of monthly payments, and with each month that passes, payments are becoming more and more difficult to maintain. Also when I recently contacted the bank to enquire about a settlement figure, I was told that the amount required to pay back to the Alpha Bank would be €246'000 which I felt was extremely disproportionate and an unrealistic amount to pay back, considering the initial amount borrowed was £117,000 Cypriot Pounds in 2006.
My fear now is that I may now be facing financial ruin, if I have the apartment repossessed by the bank. (I was divorced last year and already lost most of my Shirts then!!) Therefore my preference would be to have the deal unwound or the keys handed back to the Developer, and also have the initial deposit of €25,000, returned to me, although I am a realist! and suspect that if I can walk away with the only shirt that I have left on my back! then I could consider myself Lucky!!
Any advice on which way to turn next, would be gratefully appreciated,
Many Thanks,
Will.
Following on from a recent article published within the Cyprus Property News regarding Cypriot Mortgage & Alpha Bank. I am writing in the hope that someone may be able to offer some guidance or information please, for an apartment which I purchased with my now ex-wife in Paphos, Cyprus in December 2006. It was purchased unbeknown to us at the time using a Swiss Franc mortgage obtained via Alpha Bank. We were only notified of this being Swiss Franc, when I had to make the first mortgage payment in 2009, prior to this all monies and deposits were paid in Cypriot Pounds, so I assumed that the mortgage was to be in Cypriot Pound or Euro.
I believe that we were misleadingly sold a Swiss Franc mortgage, via our corrupt Bank, Solicitor, Developer, as such I am now paying more than double the amount of monthly payments, and with each month that passes, payments are becoming more and more difficult to maintain. Also when I recently contacted the bank to enquire about a settlement figure, I was told that the amount required to pay back to the Alpha Bank would be €246'000 which I felt was extremely disproportionate and an unrealistic amount to pay back, considering the initial amount borrowed was £117,000 Cypriot Pounds in 2006.
My fear now is that I may now be facing financial ruin, if I have the apartment repossessed by the bank. (I was divorced last year and already lost most of my Shirts then!!) Therefore my preference would be to have the deal unwound or the keys handed back to the Developer, and also have the initial deposit of €25,000, returned to me, although I am a realist! and suspect that if I can walk away with the only shirt that I have left on my back! then I could consider myself Lucky!!
Any advice on which way to turn next, would be gratefully appreciated,
Many Thanks,
Will.