Alpha Bank and Swiss Franc Mortgages!

General questions & discussions on Cyprus property related matters
Nigel Howarth
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Re: Alpha Bank and Swiss Franc Mortgages!

Post by Nigel Howarth »

Hi joepm and welcome to the forum,

I've just e-mailed you a list of the various CHF loan groups.

Regards,
Nigel Howarth
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raven
Posts: 6
Joined: 04 Sep 2012 17:31

Re: Alpha Bank and Swiss Franc Mortgages!

Post by raven »

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
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Alpha Bank and Swiss Franc Mortgages!

Post by LadieGolfer »

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.
raven
Posts: 6
Joined: 04 Sep 2012 17:31

Re: Alpha Bank and Swiss Franc Mortgages!

Post by raven »

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
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Alpha Bank and Swiss Franc Mortgages!

Post by LadieGolfer »

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
We have asked for our mortgage to be changed to € but they have not responded, who did you negotiate with?

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
raven
Posts: 6
Joined: 04 Sep 2012 17:31

Re: Alpha Bank and Swiss Franc Mortgages!

Post by raven »

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?
Nigel Howarth
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Re: Alpha Bank and Swiss Franc Mortgages!

Post by Nigel Howarth »

raven wrote:Why do you think it's important to have the title deeds before paying off the loan?
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.

So you can look at your mortgage as a form of guarantee.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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DYCHE4230
Posts: 4
Joined: 13 Dec 2011 20:08

Re: Alpha Bank and Swiss Franc Mortgages!

Post by DYCHE4230 »

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.
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Alpha Bank and Swiss Franc Mortgages!

Post by LadieGolfer »

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
DYCHE4230
Posts: 4
Joined: 13 Dec 2011 20:08

Re: Alpha Bank and Swiss Franc Mortgages!

Post by DYCHE4230 »

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
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Alpha Bank and Swiss Franc Mortgages!

Post by LadieGolfer »

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
DYCHE4230
Posts: 4
Joined: 13 Dec 2011 20:08

Re: Alpha Bank and Swiss Franc Mortgages!

Post by DYCHE4230 »

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.
LadieGolfer
Posts: 12
Joined: 03 Apr 2011 11:24

Re: Alpha Bank and Swiss Franc Mortgages!

Post by LadieGolfer »

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
JohnTB
Posts: 3
Joined: 08 May 2013 08:47

Re: Alpha Bank and Swiss Franc Mortgages!

Post by JohnTB »

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
KeithB
Posts: 2
Joined: 24 Jul 2013 13:43

Re: Alpha Bank and Swiss Franc Mortgages!

Post by KeithB »

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
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