For years, thousands of property owners in Greece have struggled with Swiss-franc mortgages that became unmanageable. Many buyers chose these loans in the mid-2000s because of low interest rates. But when the Swiss franc strengthened against the euro, monthly repayments soared. In some cases, borrowers paid 70% more than expected. The sharp rise left families under huge financial pressure.
A New Settlement Plan
Now, according to various news outlets, there is finally some movement towards a solution. The Greek government plans a voluntary settlement scheme that lets borrowers convert their Swiss-franc mortgages into euro loans with a discount. Depending on income levels, the reduction could range from 10% to 25% of the exchange rate used for conversion.
On the surface, this looks like a lifeline. After years of legal battles and uncertainty, homeowners may finally see a clear route out of debt. The plan should be finalised soon and could apply to around 37,000 remaining Swiss-franc mortgage loans worth around €5 billion.
Why Borrowers Are Divided
Not everyone welcomes the proposal. Borrower groups argue that the relief is too small compared with the scale of the problem. Many cases remain in the courts, and critics believe the scheme only scratches the surface. For those whose repayments nearly doubled, a modest discount may feel too little, too late.
What This Means for Clients with Swiss-Franc Mortgages
If you own property in Greece with a Swiss-franc mortgage, this proposal could reduce your monthly repayments and create a more stable long-term arrangement. Because the scheme is voluntary, you must decide whether to accept the settlement or continue with legal action. Each case will differ, depending on the loan amount, repayment history, and financial position.
The key point is timing. If the settlement goes ahead, it may be the best chance in years to escape the burden of an unaffordable loan. Acting early is essential. Once banks apply the new framework, they are likely to enforce stricter policies for those who don’t engage.
Why Acting Now Matters
At EU Property Solutions, we have seen first-hand how damaging Swiss-franc mortgages can be for overseas property owners. If you are in arrears with your mortgage, our team has helped clients negotiate settlements and in some cases, write off significant amounts they could never repay.
With this new plan from the Greek government, there is finally a window of hope. But timing will be everything.
If you have a Swiss-franc mortgage in Greece and are unsure how this settlement could affect you, now is the time to get advice. Don’t wait until banks change their policies. A confidential discussion today could save you years of financial worry tomorrow.
