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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
There are more than a few issues with the way property development and sales are handled in Cyprus. This was most prominent in the lead up to and aftermath of 2008. One of the biggest issues has been the fiasco surrounding Title Deeds for Cypriot holiday properties or should we say – the lack of…
So, what are the issues with Title Deeds in Cyprus? Read on to find out more.
What are Title Deeds and why do you need them?
Officially known as a “Certificate of Registration of Immovable Property” this is an official document that shows property ownership. It also contains details about its location, size and more.
They are particularly important when it comes to the sale of property, as they are needed to transfer ownership to any buyer.
When the problems arise…
In Cyprus, the developer, central government departments, and local government/councils are all involved in the process of issuing Title Deeds. Many developers did not correctly divide up the plots of land when they were building apartment developments. Therefore, they could not provide individual separate Title Deeds for purchasers.
If you were not issued Title Deeds, it can be an incredibly frustrating process, especially if you’re trying to find information regarding your property
Selling without Title Deeds
A lack of Title Deeds in Cyprus is not a major issue if you are happy to keep your property. The real problems arise if you’re trying to sell or if you’re property is in negative equity and you want to get rid.
Without Title Deeds, you will need to find a cash buyer to purchase your property. This makes a sale much more difficult and means you may have to sell for a lower price. This is not ideal if your property is already low in value.
There can be any number of issues if the property is in negative equity, has an interest-only mortgage or has Swiss Franc currency issues. If you fall into one of these categories, you could be ‘trapped’, unable to sell and unable to keep paying for your property.
Can you obtain Title Deeds?
If you have dealt with the Cypriot government or local councils you will be familiar with the frustration and red tape involved. As a result, many people will not be able to secure Title Deeds, especially for properties purchased pre-2008. In fact, there are still over 100,000 people in Cyprus are still without deeds.
Our team has to deal with the fact that many developers have now ceased to trade and are not contactable. This means the likelihood of ever obtaining complete Title Deeds is poor at best.
How can we help?
EU Property Solutions can help clients without Title Deeds in Cyprus. We have assisted with Swiss Franc issues, Negative Equity and interest-only mortgages.
EU Property Solutions and our Cypriot legal team understand how lenders work and their processes to resolve these property issues and settle mortgage debts. We aim to avoid sales procedures and assist borrowers with alleviating their Cypriot property debt burdens.
If you own a property in Cyprus and you’re experiencing any of the issues discussed above, call EU Property Solutions now on 0044 330 124 1230 to speak to one of our specialists.
Below is a settlement that EU Property Solution recently achieved for a client who thought they would never escape their nightmare because they couldn’t get their Title Deeds.
- A couple approached EU Property Solutions after struggling for years with their holiday home in Mazatos, Larnaca.
- They owned a 3-bedroom Townhouse, with no Title Deeds.
- Their outstanding mortgage at the time of our appointment was SwFr399,000 equating to £313,000 (Sterling).
- The property was worth €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.
Not convinced? We have UK clients who purchased in Cyprus who are willing to speak to you regarding their experience with EU Property Solutions. Call us today to arrange a chat.
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!