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Posted by tag14 - Created: 9 years ago
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4 replies (Showing replies: 1 to 4)

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Posted by jimmy-667587 - 9 years ago

Tag14. I too looked at Swiss Franc mortgages 4 years ago, they seemed the perfect deal at the time, after much thought I decided not to proceed and opted for Cyprus Pounds, glad I did.

You took the gamble and lost, to walk away would be madness as you will be sued for the full amount by the developer and bank, plus costs. Talk to your lender.

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Posted by Nigel Howarth - 9 years ago

I'm pleased you found the article useful. Will the CHF weaken? I wish I had a crystal ball. I think it's more a case of the Sterling strengthening rather than the CHF weakening - I really don't know the answer.

Regards,

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Posted by tag14 - 9 years ago

Nigel,
Thank you so much for getting back to us. The article was very helpful. We want to see what all our options are and any advise is welcome as we are new to this. In your opinion do you think the swiss franc will weaken.
Thanks

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Posted by Nigel Howarth - 9 years ago

Hi Tag,

Many people have been hit by the CHF/Sterling exchange rate and are finding things difficult.

If you signed a contract of sale, you are obliged legally to honour it - so you can't just walk away.

If you are having difficulty with the mortgage repayments, there's an article in my magazine 'Help - I can't pay the mortgage' that you will find at http://www.news.cyprus-property-buyers.com/2009/05/13/help-%E2%80%93-i-can%E2%80%99t-pay-the-mortgage/id=001361

Regards,

Nigel