# Trouble with Laiki over mortgage



## 2morrow (Sep 6, 2011)

Hi, just wondered if anyone had experienced any trouble with any of the Cypriot banks WRT their mortgage? Basically we've been threatened with our interest rate being significantly increased and changed over from a Swiss Franc to Euro mortgage which would also entail increasing our mortgage because of the exchange rate and the amount we'd lose because of how poor it is now compared to when we took it out in 2008.

This is because we're struggling with our repayments.

Grateful for any advice/experience.


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## jojo (Sep 20, 2007)

2morrow said:


> Hi, just wondered if anyone had experienced any trouble with any of the Cypriot banks WRT their mortgage? Basically we've been threatened with our interest rate being significantly increased and changed over from a Swiss Franc to Euro mortgage which would also entail increasing our mortgage because of the exchange rate and the amount we'd lose because of how poor it is now compared to when we took it out in 2008.
> 
> This is because we're struggling with our repayments.
> 
> Grateful for any advice/experience.


 Is it anything to do with the recent developments in Cyprus??

http://www.expatforum.com/expats/cyprus-expat-forum-expats-living-cyprus/146618-bailout-ready.html

BBC News - Britons hit by Cyprus bailout deal

Jo xxx


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## 2morrow (Sep 6, 2011)

Hi Jo, no it's not related to the last couple of days. although I imagine they're trying to recoup money by any means but the way they're going about it in our case just doesn't make sense - we're struggling and they seemingly want to make things worse for us rather than help!


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## PeteandSylv (Sep 24, 2008)

There has been a lot of discussion regarding Swiss mortgages on all forums over the last couple of years. Most people seemed to have taken these out happily accepting the benefits of the lower rates at the time and ignoring the fact that the interest rates/exchange rates may change. Now that the rates have altered against their favour these people find themselves in difficult positions of having greatly increased payments.

I believe there may be the slight possibility of compensation if you can prove mis-selling of the mortgage but how you do this and how long it would take I have no idea.

There is no magic pill to this I'm afraid. You've entered into a contract with defined terms and now have to face the consequences.

Pete


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## Guest (Mar 18, 2013)

PeteandSylv said:


> There has been a lot of discussion regarding Swiss mortgages on all forums over the last couple of years. Most people seemed to have taken these out happily accepting the benefits of the lower rates at the time and ignoring the fact that the interest rates/exchange rates may change. Now that the rates have altered against their favour these people find themselves in difficult positions of having greatly increased payments.
> 
> I believe there may be the slight possibility of compensation if you can prove mis-selling of the mortgage but how you do this and how long it would take I have no idea.
> 
> ...


Are there many properties taken back as foreclosure in Cyprus? Like in Spain where the banks now own thousands and thousands of properties.

Anders


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## PeteandSylv (Sep 24, 2008)

Vegaanders said:


> Are there many properties taken back as foreclosure in Cyprus? Like in Spain where the banks now own thousands and thousands of properties.
> 
> Anders


I can't answer this question but hopefully Veronica can contribute.

Pete


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## 2morrow (Sep 6, 2011)

Thanks for the reply Pete. I'm a big boy and know how to take the rough with the smooth but when your bank threatens to nearly triple your interest rate and expect you to write off tens of thousands of Euro's as well when we're struggling already, I fail to see how they're trying to help us.

Just wanted to know if anyone else had experienced the same?


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## 2morrow (Sep 6, 2011)

Vegaanders said:


> Are there many properties taken back as foreclosure in Cyprus? Like in Spain where the banks now own thousands and thousands of properties.
> 
> Anders


Hello Anders,

Unfortunately not! I read an article about what you mentioned going on in Spain and in light of the last few days I think it's highly unlikely that this will happen in Cyprus.

2m


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## Guest (Mar 19, 2013)

2morrow said:


> Hello Anders,
> 
> Unfortunately not! I read an article about what you mentioned going on in Spain and in light of the last few days I think it's highly unlikely that this will happen in Cyprus.
> 
> 2m


No I have never read about Cyprus in this respect either.

Hope you can find a solution on your probblems

Anders


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