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When A Dream Holiday Home Abroad Becomes A Nightmare

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So what’s the next step for people such as Mellis? He decided to sign up with Judicare, which represents more than 200 buyers and is pursuing litigation in Cyprus, with the first trials provisionally set for the spring. It believes it will be able to challenge the legality and validity of the mortgages and claims it has uncovered “irregularities” which may mean the loans can be cancelled.

It's like "A Place in the Sun" West Brom Cyprus special.

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People like this need to be told to just suck it up......if you don't like getting hurt, don't play big boys games.

This seems to be the UK mindset..."you always make money on property, if you don't you sue someone"

You are buying a house in Cyprus and your income is in sterling.....5 seconds thought should tell anyone that a CHF mortgage is a huge gamble in these circumstances.

Edited by Exiled Canadian

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Two simple to understand words....personal responsibility..... Something that is fast dissappearing, something that fewer and fewer people practice.....risk to some is something where you always come out winning however big the risk that is taken...trust nobody.

...blame and claim is the name of the game..... Lawyers love it and actively encourage it, their bread and butter.....

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Oh, you've got to enjoy this.

They sere sold a house.

Where's the selling?

'Mellis is one of thousands of Brits who bought a property in Cyprus using a Swiss franc mortgage between around 2003 and 2008. At the time, banks in Cyprus were persuading people this was the best thing to do, on the grounds that the interest rates were lower and because the Swiss franc was deemed to be a stable currency, says Neil Heaney, who runs Judicare, a legal services firm that specialises in helping people try to recover their money when an overseas property purchase goes wrong.

“We were told at the time that it was the safest currency and the most stable in Europe,” adds Mellis, a paper merchant.'

And the Swiss Franc still is. There is no mis-selling.

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Many people who took out Swiss franc mortgages for properties in Cyprus did so simply because the interest rate was lower, and they say they were never warned of the currency risks, says Richard Gorrill at overseas mortgages specialist Conti, based in blah blah

Bloody hell. I can only hope that someone reminded them they need to wipe their bottoms occasionally otherwise they might try to dodge responsibility for that too.

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Oh, you've got to enjoy this.

They sere sold a house.

Where's the selling?

'Mellis is one of thousands of Brits who bought a property in Cyprus using a Swiss franc mortgage between around 2003 and 2008. At the time, banks in Cyprus were persuading people this was the best thing to do, on the grounds that the interest rates were lower and because the Swiss franc was deemed to be a stable currency, says Neil Heaney, who runs Judicare, a legal services firm that specialises in helping people try to recover their money when an overseas property purchase goes wrong.

“We were told at the time that it was the safest currency and the most stable in Europe,” adds Mellis, a paper merchant.'

And the Swiss Franc still is. There is no mis-selling.

safest and most stable both imply there is a risk in general, for to be safest it has to be less risky than others, and at the time, was the most stable, implying lack of stability in currency.

It was therefore sold as an option.

It wasnt sold ( as the man says) as Safe and Stable....safest and most stable, not necessarily either.

One would have thought a paper merchant would realise modern currency isnt worth the paper its not printed on.

Edited by Bloo Loo

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Bloody hell. I can only hope that someone reminded them they need to wipe their bottoms occasionally otherwise they might try to dodge responsibility for that too.

Boomers have gotten used to property being a one way bet and when it goes wrong then it's someone else's liability and they sue.

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apparently, foreign currency mortgages can be risky. People need to understand this.

course, they dont need to understand that foreign property can go down too.

One of the complainers feels hindsight shows they made the wrong choice.

Thats the spirit. You fracked up.

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Boomers have gotten used to property being a one way bet and when it goes wrong then it's someone else's liability and they sue.

Mellis is 53 and was younger when he bought - not a pensioner then :o

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Oh, you've got to enjoy this.

“We were told at the time that it was the safest currency and the most stable in Europe,” adds Mellis, a paper merchant.'

And the Swiss Franc still is. There is no mis-selling.

Yep, it's those pesky Francs that are the problem. Not the £s they're trying to pay the CHF mortgage in. :lol:

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This smacks of incompetence.

When they saw what was happening to the Swiss Franc years ago, why didn't they swap to sterling or Euros then?
Just greedy grabbers, Already own a Florida property so sell that to pay off the Cyprus one.

Hope they get badly stung by the Cypriot courts.

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Can I sue because I -didn't- buy an overseas holiday home as an investment? I rekon I must be at least half a million down for not getting in on this. A clear case of neglect by the sellers and agents, for not signing me up to this deal. Who do I sue?

Edited by erat_forte

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Can I sue because I -didn't- buy an overseas holiday home as an investment? I rekon I must be at least half a million down for not getting in on this. A clear case of neglect by the sellers and agents, for not signing me up to this deal. Who do I sue?

Happy to help - just send me £10,000 and I'll get my mate (who's a lawyer) to run your case.

Don't worry, you've got a great chance of success 'cos it's obviously not fair. If we need more cash to pursue the claim we'll let you know via our website "www.Ivegotahugesenseofentitlementanddontreadcontracts.com"

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When a dream holiday home abroad becomes a nightmare

No-one made you sign the contract!

Like a breath of haiitosis from a half-dead relative. Back it comes...

http://www.housepricecrash.co.uk/forum/index.php?/topic/166158-lets-all-buy-a-flat-in-cyprus/?hl=%2Bswiss+%2Bfranc+%2Bmortgage

:)

i'm waiting for the next Harlequin Property disaster article to re-appear.

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appartently its quite difficult to control your BTL property when you live in the next town and the letting agent speaks the same language. why on earth buy a property a plane ride away you have no control over. tough shit.

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I love these storys. Daft brits believe TV program and buy an over-priced sh*t hole abroad.

The thing is, I wacked "winter sun, a place abroad" yesterday, filmed Dec 2014 and they were doing it again. It was in florida, which went up 14% last year, 25% in some areas. The estate agent even said it was set to continue, the local estate agent more or less said ( with some sort of sick grin ) buy now before you miss out.

They then went on to say someone would take an offer and one place was up for £60K less then the owner paid for it.

This program is shameful and if it wasnt for the presenters with great t*ts I'd refuse to watch it.

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I love these storys. Daft brits believe TV program and buy an over-priced sh*t hole abroad.

The thing is, I wacked "winter sun, a place abroad" yesterday, filmed Dec 2014 and they were doing it again. It was in florida, which went up 14% last year, 25% in some areas. The estate agent even said it was set to continue, the local estate agent more or less said ( with some sort of sick grin ) buy now before you miss out.

They then went on to say someone would take an offer and one place was up for £60K less then the owner paid for it.

This program is shameful and if it wasnt for the presenters with great t*ts I'd refuse to watch it.

dont put seed out to attract tits...get a big mortgage...the bigger, the bigger.

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When a dream holiday home abroad becomes a nightmare

No-one made you sign the contract!

I'm seriously thinking of permanently moving abroad. The difference - I'll be renting for 6-12 months to make sure it's for my family and I. Then if I did buy it would be with cash. A mortgage in a currency which you don't earn in - insanity.

Another thought. For me if you can't afford to pay cash for your holiday home then IMHO you can't afford it.

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I'm seriously thinking of permanently moving abroad. The difference - I'll be renting for 6-12 months to make sure it's for my family and I. Then if I did buy it would be with cash. A mortgage in a currency which you don't earn in - insanity.

Another thought. For me if you can't afford to pay cash for your holiday home then IMHO you can't afford it.

what happens when you have, say, a Euro mortgage, a property in the UK, and say, the Euro is no longer a currency?

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what happens when you have, say, a Euro mortgage, a property in the UK, and say, the Euro is no longer a currency?

Not a situation I'll find myself in.

I'm a dirty renter here in the UK today so a UK property is not going to happen. Won't have a Euro mortgage as house prices where I'm heading are lower so I'll be paying cash (still expensive for locals though). As long as the country has a currency that isn't beans or rice I should be ok on the currency front.

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Not a situation I'll find myself in.

I'm a dirty renter here in the UK today so a UK property is not going to happen. Won't have a Euro mortgage as house prices where I'm heading are lower so I'll be paying cash (still expensive for locals though). As long as the country has a currency that isn't beans or rice I should be ok on the currency front.

The previous occupant of my place has a very large Euro mortgage, IO...I know because the statements keep coming in.

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