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We hosted a webinar back in July in respect of Interest-Only mortgages. We have had quite a bit of interest in this very niche subject. It is becoming more and more relevant as time goes on. Click here to watch it on demand!
We have seen and helped hundreds of clients who had taken out Interest-Only loans who are now paying the hefty price.
This type of mis-sold mortgage issue is something that we’re seeing with our clients. They come to us after realising their 15-year interest-only term is coming to an end. We had a recent client who found out that his monthly repayments would go from €250pm to €2,150pm; an extremely high spike in payments that would very quickly become unfeasible
In this Webinar; our Chairman, Terry goes through a few examples of what we have seen and the successes we have achieved for our clients. He talks about interest-only mortgages particularly in Spain but also discussed Europe as a whole.
EU Property Solutions, with our legal team, have the Bank’s gripped. But when it comes to loan sales, they are very often sold to vulture funds. They are different animals completely and these situations are becoming more prevalent. Last month a Spanish bank even sold a performing loan book. Everything was up to speed and good, but they still sold it on so be careful with that backdrop.
Undoubtedly, many people were mis-sold properties, however, it’s very difficult to win that argument or that war. There is one bank in Spain that has sold a lot of these interest-only mortgages but there are other banks involved too. If people try to do direct approaches with the Bank it very rarely works out, therefore we respectfully suggest that you don’t. In this webinar, Terry goes through why you shouldn’t do that and how we can attack the problem for you.
If your Interest-Only period is coming to the end of its term and you want to explore your options, contact EU Property Solutions today and we can help you.
📞: 0330 124 1230
It’s estimated the owners of c100,000 properties in Cyprus have not been able to obtain their Title Deeds in Cyprus. This is a massive issue for our EU Property Solutions clients, as to all intents and purposes the property can only be sold to a ‘cash buyer’ – because of the flawed Title on their property.
- The developer,
- Central Government departments, and
- Local government/councils are all involved in the process for the issuance of Title Deeds.
Undoubtedly, this gives plenty of opportunity for something to go wrong. Especially in Cyprus which it invariably does where huge delays and problems arise.
Our specialist team then works with the added factor that many developers have also now ceased to trade and are not contactable, thus the likelihood of ever obtaining complete Title Deeds is poor at best.
Many developers did not correctly divide up the plots of land when they were building apartment developments. Therefore could not provide individual separate title deeds for purchasers.
A major problem our clients face is selling without Deeds. Cypriot mortgage lenders will now not lend on properties without title deeds. Thus, the comment above your buyer must be a cash purchaser resulting in far low values/prices.
Despite the many issues for properties not having Title Deeds, the vast majority of EU Property Solutions successes in Cyprus, with Swiss Franc Currency issues and the Negative Equity arising, have been achieved for our client settlements without the right Title Deeds.
EU Property Solutions along with our Cypriot Legal Team understand how the core lenders work and their processes to resolve these property issues and settle mortgage debts. Subsequently, we often avoid sales procedures and assist borrowers with alleviating their Cyprus property debt burden which has been fuelled by the non-existant issues of Title Deeds and Swiss Franc mortgages.
A recent settlement below. This client will speak to any prospective clients about their experience with EU Property Solutions.
- A couple* approached EU Property Solutions after struggling for years with their holiday home and the mortgage thereon,
- They owned a 3-bedroom Townhouse in Paphos with no Title Deeds,
- Their outstanding mortgage at the time of our appointment was SwFr399,000 equating to £313,000 (Sterling).
- The property was valued at €70,000
- EU Property Solutions negotiated the successful settlement of the mortgage account.
- Including our fees and settlement with their developer, the clients saved over £200,000 and most importantly protected their UK assets.
*This client will speak to any prospective clients about their experience with EU Property Solutions.
If you are struggling with a property with no Title Deeds and a mortgage sold to you in Swiss Francs make sure you call EU Property Solutions now: 0044 330 124 1230
Welcome to Part Two of our four-part Blog Series featuring the impending Loan Sales that are occurring with European Banks.
This series of blogs shares our knowledge and keeps our readers up to speed with the fast-developing market that covers foreign mortgages. This blog answers the question of ‘Why do banks sell on loan books?’ As Covid-19 restrictions ease, and life begins to resume, Banks are starting to face their issues. What they are faced with are a number of different aspects that are driving them to undertake loan sales which typically, they sell to what are called vulture funds.
The main points as to why Banks are selling these loans are:
1.) They are getting a lot of pressure from their Central Banks, such as the Bank of Spain, which is directing them as to how they must conduct themselves.
2.) There is still a lot of legacy debt left over from the 2008 Financial Crash which needs to be recovered.
3.) The banks want to free up funds on capital because very often this is not the best debt they can carry on their books, which in turn helps them tidy up their balance sheets and they can also get on with what they are supposed to do which is be a bank in their own country for their own people.
EU Property Solutions have seen a huge increase in enquiries from people who are sent threatening letters from foreign banks. We advise those in this situation to take action immediately, especially if there is a negative equity property involved.
Banks don’t give notice as to when they are looking at a loan sale. They can be brutal in their attack and they are far more aggressive in their approach. If they are going to come after you – they will come after you; they will look to get their pound of flesh.
Vulture Funds are a completely different animal therefore they have a completely different agenda, they are far more aggressive in their approach.
Furthermore, if you have contemplated resolving a Negative Equity issue, wherever it may be; then get in contact with our specialist team via the methods below:
Keep an eye out for Part 2 of our Loan Sales Blog Series to find out more!