dryrot Posted August 30, 2011 Share Posted August 30, 2011 and: http://www.housepricecrash.co.uk/forum/index.php?showtopic=166158&st=0&p=3044711&fromsearch=1entry3044711 Quote Link to comment Share on other sites More sharing options...
Killer_penguin Posted August 30, 2011 Share Posted August 30, 2011 Why to take mortgage in a currency in which your wages or pension is paid? It is much better to play the FX and take mortgagee in foreign currency to buy a house, which is denominated in different currency. I mean people do not know the risk involved in taking loans not in the currency they earn to buy a property in even different currency, this is a basic error with high risk of exchange rates working against you. But then again if they would have worked for her and CHF with EUR would have fallen against GBP she would not have been complaining. But hey there is no free lunch... Quote Link to comment Share on other sites More sharing options...
Neverland Posted August 30, 2011 Share Posted August 30, 2011 The Sunday Times article may have been prompted by one that appeared in the Financial Times on Friday: Homeowners hit by soaring Swiss franc The FT article goes on to say that many borrowers who took out these mortgages now believe they should be compensated for their losses on the grounds that they were not warned of the risks involved and that such products should have been restricted to sophisticated investors. The article also gives a case study: The heart bleeds. http://www.ft.com/cms/s/2/e7e974c0-cfc9-11e0-a1de-00144feabdc0.html#axzz1WFix1MGs So basically they emigrate to avoid paying UK taxes.... ...their little FX mortgage punt goes wrong... ....so they've hired a lawyer for a misselling class action case against RBS (84% owned by the public)... methinks the entitlement culture is not confined to the rioting youths of tottenham... Quote Link to comment Share on other sites More sharing options...
dryrot Posted August 30, 2011 Share Posted August 30, 2011 http://www.ft.com/cms/s/2/e7e974c0-cfc9-11e0-a1de-00144feabdc0.html#axzz1WFix1MGs So basically they emigrate to avoid paying UK taxes.... ...their little FX mortgage punt goes wrong... ....so they've hired a lawyer for a misselling class action case against RBS (84% owned by the public)... methinks the entitlement culture is not confined to the rioting youths of tottenham... that article is breathtaking, even for propety madness. "Sarah Bott, an advertising director, and her husband Matthew, a sales director, from London, went to work in Hong Kong in 2004. They had two properties in the UK – their home and an investment property – which they decided to rent out to cover the mortgage while they were abroad." They then switched to am CHF mortage on the UK properties and are now whining - from San Francisco of all places - that they were innocents misled. Of all the unsympathetic people... is Sarah a relative of Violet Elizabeth, do you think? Quote Link to comment Share on other sites More sharing options...
sleepwello'nights Posted August 30, 2011 Share Posted August 30, 2011 (edited) Pathetic. Hardly a well reasoned dismissal of my argument. It's actually a better description of your envious personality. Also reading your next post shows you have no comprehension of the real world only your pathetic and empty headed attempt of an appraisal of my background. Still at least I can console myself with the reports earlier today forecasting property to increase in price by 21% over the next 5 years. Edited August 30, 2011 by sleepwello'nights Quote Link to comment Share on other sites More sharing options...
kilroy Posted August 30, 2011 Share Posted August 30, 2011 Hardly a well reasoned dismissal of my argument. It's actually a better description of your envious personality. Also reading your next post shows you have no comprehension of the real world only your pathetic and empty headed attempt of an appraisal of my background. Still at least I can console myself with the reports earlier today forecasting property to increase in price by 21% over the next 5 years. It rather reads like the report from 2007 from these guys, but with the days changed from 2012 to 2015 or whatever.... Quote Link to comment Share on other sites More sharing options...
Venger Posted August 31, 2011 Share Posted August 31, 2011 Still at least I can console myself with the reports earlier today forecasting property to increase in price by 21% over the next 5 years. Is such a desperate and unlikely forecast report of house prices going up 21% over 5 years, and not crashing in value, music to your ears? I can console myself too, by probably being in a much healthier financial situation than many of the Swiss Franc investment property risk takers, who you seemingly don't want to see suffer hardship. And many others hanging on similar to them. Simply due to cautious low risk saving and not over expanding my position via debt, due to concern about debts and house prices and sustainability of many sectors in the economy. Lots of reasons why not to expect constant house price inflation followed by prices gently settling a little, followed by a new round of house price inflation, as per your expectations. PFI, Iraq, Afghanistan, national debt, lots of personal debt, huge increase in BTL pension seekers, 100%+ mortgage, shared ownership inflated schemes, concern and not understanding where all the mortgage money was coming from to allow 2002+ house price inflation. Misery and hardship? Such as having to sell one or both of their homes, and try life living in rented themselves. Giving a chance to someone more cautious to buy at a lower price. Shouldn't you be classed as a HPC Troll? Quote Link to comment Share on other sites More sharing options...
JaneTracy Posted August 31, 2011 Share Posted August 31, 2011 It was not only holiday owners who took out mortgages in Swiss Francs but many people in Eastern Europe did too. Back in late May I saw a warning of a growing problem here. I guess as ever the main stream media took a while to catch up. The rise of the Swiss Franc has implications for Austria,Bulgaria, Hungary, Lithuania,Poland and Romania http://www.mindfulmoney.co.uk/wp/shaun-richards/the-rise-of-the-swiss-franc-has-implications-for-austriabulgaria-hungary-lithuaniapoland-and-romania Quote Link to comment Share on other sites More sharing options...
newbonic Posted September 6, 2011 Author Share Posted September 6, 2011 It was not only holiday owners who took out mortgages in Swiss Francs but many people in Eastern Europe did too. Back in late May I saw a warning of a growing problem here. I guess as ever the main stream media took a while to catch up. The rise of the Swiss Franc has implications for Austria,Bulgaria, Hungary, Lithuania,Poland and Romania http://www.mindfulmo...and-and-romania Just throught I'd update this thread in view of what the Swiss have just done - BBC: Swiss National Bank acts to weaken strong franc It seems to have caused the SFr to drop 8-9% agin other currencies, so that should be good news for UK based Cyprus holiday BTLers and E European home owners who have SFr mortgages... Quote Link to comment Share on other sites More sharing options...
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