Mortgage Problems

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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