There can be all sorts of different reasons why you may wish to take out a mortgage when buying a property abroad. Your funds could be tied up in another venture and taking out a mortgage may allow you to buy now rather than later or even keep your funds working elsewhere.
Unfortunately many people who previously took out mortgages in order to buy property abroad are now experiencing problems servicing the repayments to the lending bank.
Personal circumstances may have changed, the loss of a job for example or perhaps a reliance on rental income which has not materialized are some of the factors that can impact upon the ability to maintain a mortgage.
Individuals who may have been given bad advice in relation to which currency a mortgage should be taken in have also seen huge fluctuations in exchange rates which in extreme cases has resulted in them now owing more to the bank than they originally borrowed. This is particularly relevant to Cyprus and loans taken out in the Swiss Franc denomination.
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Whatever the circumstances many people now find that they are struggling to pay their mortgages on a month to month basis and may even be in arrears.
What our customers say ...
Judicare saved my life as I know it. Before I found them, I was wondering how I was going to tell my wife that one signature I signed in 2004 was quite likely going to cost us everything that we had worked hard to build, repossessed by the Bank of Cyprus.
It has taken Judicare over a year to sort out this life changing problem I created. At every moment Judicare have been professional, never promising something they couldn’t deliver but always supportive, it’s been a slow progress becauseof the banks stance, but always progress at every move. Neil has a calming way about him, very knowledgeable and within a few moments of our first contact I knew he and his firm would be the people to engage to help me sort out the mess I was in. We have now removed the threat to our UK assets from the existing Judgements from the courts in Cyprus against me which were in excess of €880,000 and have been able to draw the matter to a close with a one off payment to the bank of less than 5% of the monies owed.
Judicare you came through for me, thank you for saving my future and my marriage, I can’t thank you enough. If you are reading this as a client in need of help abroad then don’t hesitate, Judicare are the firm you need to use.