There are many different reasons why people decided to take out a mortgage through a foreign Bank when buying their foreign property. Favourable currency exchange rates, low foreign Bank lending rates and the ability to obtain high loan to value mortgages from foreign Banks are just a few of those perceived historical advantages.
Unfortunately, many of those people who took out a mortgage, later experienced problems making the required loan repayments, leaving them in direct conflict with their Bank and now facing the very real prospect of being pursued here in the UK for those outstanding mortgages.
Some of the reasons clients defaulted on their foreign property mortgage:
- A change in personal circumstances; for example, the loss of a job or a reliance on rental income from the foreign property which never materialised, meaning property owners became unable to maintain their foreign mortgage.
- Poor initial financial advice when investing in their overseas property,
- Lack of sufficient information in relation to which currency the mortgage should be taken in.
- Property developers going into bankruptcy and the property lying derelict.
In extreme cases, significant fluctuations in currency exchange rates caused foreign property owners to owe more to their foreign Bank than they originally borrowed. This is particularly relevant to Swiss Franc Mortgage problems in Cyprus
As a specialist and leading firm of solicitors in this area, we are acutely aware of the significant worry and anxiety of being contacted by a foreign Bank many years after believing the issue had gone away.
With decades of combined experience, we have been able to successfully negotiate and release our clients from over €40million of foreign property Bank debts, and with it, the removal of any threats to their future.
If you have received a legal notice from a foreign Bank or have concerns about a foreign property mortgage debt or would simply like more information on our fixed fee approach a member of our team will be happy to take your call on a confidential basis at 01438 840258 or via email to firstname.lastname@example.org
We can also arrange a free no obligation teleconference via Zoom/Skype.
Getting in touch will allow us to understand your individual circumstances and discuss with you your concerns and objectives. Working with you we can then decide upon the correct strategy to approach and find the solution which is right for you.
We provide tailored advice if you’re facing problems with a foreign mortgage arrears or if you are being pursued for a foreign mortgage debt in the UK.
Why choose Judicare for advice about overseas mortgage problems?
Below are just some of the reasons clients instruct us:
- Our legal teams have decades of combined experience of handling foreign mortgage issues in numerous jurisdictions including (but not limited to) Spain, Cyprus, France & Portugal.
- We are regulated by the Solicitors Regulation Authority (SRA) and as such we carry professional Indemnity Insurance giving you vital protections and redress in the unlikely scenario something goes wrong.
- Using an unregulated firm providing foreign property debt solutions across the EU can be risky, as there are no safeguards or any regulatory redress for clients if something goes wrong.
- We’re members of the Association of International Property Professionals and devote ourselves to promoting principles of good practice within the international property industry.
- We have successfully negotiated over £40million of foreign Bank debt being written off for our clients.
Need advice about a foreign mortgage problem?
For further information about mortgage problems abroad, get in touch with our friendly team by giving us a call or sending us an email today.