Should I remortgage?

Discussion in 'Cyprus Property' started by mslambs, Dec 30, 2010.

  1. mslambs

    mslambs New Member

    hi all,

    I am hoping for a bit of advice. Like many others we have been stung with the downturn in the economy and strength of the pound. So much so that our mortgage payments have gone from £450 to a record high this month of £950!! Our currency is in swiss francs,

    Now i have read some info on the swiss franc and it is predicted that the currency will only continue to strengthen which means my mortgage will go even higher which we just can't afford.

    Do you think i should remortgage into another currency? My worries of doing this is that the original mortgage was around £70k but is now at £100k due to the fluctuation in exchange rates - So i would be losing £30k just on the exchange rate!

    Should i look for another currency and if so what would you recommend?

    Thanks

    Maria
     
  2. bendybunny

    bendybunny Member

    Hi Maria,
    If you were to remortgage at this time, any discrepancy in your POA or the mortgage that you had taken out would then invalidate any claim having had to sign up for the new one. Meeting due to take place in Feb I would then be prepared to discuss options with you that may assist

    BB
     
  3. Nigel Howarth

    Nigel Howarth Member

    Now is really not a good time to change your loan from CHF to another currency. The CHF is extremely strong at the moment and if you change currency you will crystallise your loss. Also if you took anything more than a 60% loan at the time of purchase it is unlikely that you will be able to change currency without an injection of capital to reduce the current loan to value to less than 70%.
     
  4. Force123

    Force123 New Member

    Hi Bendybunny,

    If your reply your reply to whether Maria should remortgage you mentioned that "Meeting due to take place in Feb I would then be prepared to discuss options with you that may assist". I would be interested in learning more about these options - would it be possible to provide some further information on the options please?

    Thanks,
    Force
     
  5. bendybunny

    bendybunny Member

    Send me private message, for some reason you are not able to receive
    BB
     
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