Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]

Hi

Please us updated mglaze!

Reading all these posts really hits home as we also bought at the height of the property boom, an off-plan apartment in Wroclaw, using a mortgage in Swiss Francs. This was our first investment and now (with the benefit of hindsight of course!) we really feel that poor advice was given by the UK based company who we purchased it through.

Now the repayments are getting to the "crippling" stage, we wanting to seek professional advice about the options available... but where do we start and who can we really trust??

Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]

Wow, there have been some really interesting comments and opinions given to this topic.


The 1 bedroom apartment we bought in Wroclaw was bought off-plan at what would probably be considered the peak of the prices. Thankfully, although there was a delay, the developer did complete the build to what appears to be a good standard. (or maybe it would've been better in the long run if it hadn't been built!)


YES Please, any personal recommendations for lawyers would be much appreciated!



To answer these 2 points, of course looking back on it we can admit to some naivety.
Research was done by myself and my business partner, but we made the "mistake" of trusting the property agents who are a UK based company and who set-up the deal and the mortgage... despite them NOT being FSA regulated.

Yes I now know that I should've sort opinions from FSA regulated independant financial advisers before spending a penny, but as Mglaze describes elsewhere things were very different when the deal was done and the Bank offered this type of mortgage as the cheapest and most straight-forward option back then.

Oh the benefit of hindsight, and for wishing the mortgage was set-up through our UK based limited company rather than being our names on the dotted lines!

Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]


This is an apartment in Poland. Still interested??
Please could you briefly explain why you want me to contact you via pm?