British investors who took out Swiss franc mortgages to buy property in Cyprus are feeling the painThey are the Brits who bought their dream holiday home in Cyprus, but have seen it turn into a nightmare, with property prices falling and the cost of the monthly mortgage repayments soaring after they were persuaded to take out loans in Swiss francs. Last month a shock rise in the value of the Swiss franc made the mortgage burden even more unbearable – and has left investors in despair.Many buyers are now taking legal action in Cyprus, claiming they were mis-sold mortgages and misled by developers and solicitors. Some even face the threat of losing their UK homes. Continue reading…
Source : theguardian.com
Read more…When a dream holiday home abroad becomes a nightmare















