firstly thanks for rescueing my sad thread
Swiss Franc mortgages and loans were the currency chosen by the borrower as they had the lowest exchage rate, usually they beat the nearest currency the Euro by 2%. The Zloty was the most expensive by around 5%. Personally I never realiesed borrowing in foreign currencies to that of the country you were buying property in to be that common. I know for a fact that 90% of mortgages/loans handed out over the past three years were in the CHF currency.
I dont know what kind of arrangement exists between Swiss and Polish banks at the moment but it seems that the deal is not so sweet anymore.
Looking back the Zloty was abnormally high in relation to the Economic power of Poland Im not so sure if the Zloty will claw its way back against stronger currencies.
Safe to say that most mortgage holders of CHF loans are stuck in a meat grinder, hoping and praying that the PLN gains its strength back.
The whole issue just highlights financial disaters which may befall us at any time, the need for due dilligence and a good fortune teller if possible.
There seems to be a general consensus that the Zloty will go back up.
Well yeah, one would think the Zloty cannot weaken much more so it should come back somewhat. Borrow a strong CHF in Polish Zloty currency and pay back a weak one and the profits can me substantial.