Posts Tagged ‘Online’

Interest-Only to Repayment: Tenfold Increase

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

📧: [email protected]

💻: www.eupropertysolutions.com

Interview with former Cypriot Client: Mike Fredriksen

Michael is a previous Cypriot Client of EU Property Solutions that we reached a very successful settlement for. He featured as a guest on our latest webinar ‘Cypriot Mortgage Issues: Downward Spiral’ where he answered some questions regarding the issues he was facing with his property in Cyprus and his life now without the burden of foreign property debt.

Welcome Michael & thanks for joining us today, tell me a little bit about your Cypriot property experience and when did you know it was time to seek help?

I purchased my property in 2005 and from day one I saw the Developers and the Bank in a different light. Despite much communication between all stakeholders, it became clear there was no future with the property. After constant re-mortgaging, involvement with communities that were all in the same boat, and taking advice from Barristers; we knew there was no light at the end of the tunnel. It wasn’t until my wife came across EU Property Solutions and we engaged with you that the rest became history.

Did you find contacting the Developers & the Bank difficult?

They did play ball to start with but as soon as money had changed hands, we were treated like second-class citizens with regards to any plans or attempts to try and improve the situation. We found that the Bank was very rude, ignorant and they pushed us to the limit. The developers shrugged their shoulders and said, “You decided to buy in Cyprus, it’s your problem.” It was a problem, a big problem but the Bank and the Developers didn’t seem to care too much.

At that time, where you living out in Cyprus or traveling to and from the UK?

I was working and living in my property in Cyprus from 2005- 2010. These problems didn’t come to a head until we left the property. We moved back to the UK in 2013 with my job. We were grateful to have had the delight of living in our property in Cyprus and then renting the property out. But when we came back to the UK in 2013, that’s when things really took their toll.

After reaching out to EU Property Solutions, what was it about our company that made you and your wife feel like this is the route that you wanted to go down?

Right from the start really, I had an initial telephone call with a really nice chap who made us feel at ease. There was no pressure or sales pitch. He allowed us and permitted us to contact other people who were successful with EU Property Solutions. We thought are we going to be scammed again by another company because everyone we have dealt with previously just wanted to take our money with no interest in what we wanted to achieve. From day one we felt at ease with EU Property Solutions and the staffing, the staff work and the communication between EU property Solutions and ourselves was enough for us to commit to them looking after our case.

That’s a very interesting point you made about feeling like you were going to be scammed. At EU Property Solutions, that is a huge barrier that we come across with our clients because one of the main reasons that our clients are in their situation is because they have been wronged from the very beginning. So that is why we always try to put them in the right direction by speaking with our other clients who we have reached a settlement for who were in the same situation as yourself. Did you avail of that service?

Yes absolutely, I spoke to a couple of Spanish clients that you had in very similar situations. I hope I can be of value to anybody now, being an owner who invested in Cyprus and having gone through the process, I am more than happy to help anybody else in the same situation as ourselves.

In terms of your journey with us, after appointing our services, did you feel like our team was helpful?

Yes, my case manager was really on the ball. The biggest thing for me was being able to pass my problems on to her. I didn’t want to communicate with the Developers or the Bank while I was going through this process. EU Property Solutions took full ownership of my problems for the whole period while fighting my case. One of the big thing I found, was having the opportunity to forget about all the issues that were surrounding; knowing that it was being managed in good hands.

A lot of people think that even though they appoint our services, they think that they have to be in correspondence with the lender and the developer, but that all stops when you come on with us. It takes you away from that situation and our legal team deal with it. Once you knew we achieved a settlement, how did you and your family feel?

It was a bittersweet feeling for my wife and I. We invested a lot of money into the property, and we were gutted it went down the drain. But we have now got no more trouble and a heavyweight has been lifted off our shoulders. We can move on forward with our lives and not feel threatened by Cypriot authorities. It was a Bittersweet feeling but a huge moment of celebration!

What would you say to people who have found themselves in a similar situation to what you experienced?

I would say across the board, it doesn’t matter who you are whether you are a serious investor in properties; there are people who fall foul to the Cypriot Scam. Hold your head up high, there is light at the end of the tunnel. It doesn’t matter how much debt you are in or how many properties you have; if you want to get out of it there is help available.

Chat to a member of our team today. Our initial consultations are free and we can quickly help clients with Cypriot property debt.

You can watch the full video interview here: https://youtu.be/RCr7irb-hIU?t=823

0044 330 124 1230

[email protected]

Title Deeds in Cyprus

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.

In Cyprus:

  • 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