The Swiss francs mortgage mis-selling scandal has claimed another victim, a British mother living in Paphos. ‘Laura’ has issued a plea for help after being hit with a huge amount of debt as a result of purchasing property under the scheme. Unfortunately, thousands of British buyers were victims of the Swiss franc mortgage fallout.
In January 2017, Philip Davies tragically took his own life, hours after learning that Alpha Bank had re-opened Cypriot legal proceedings for a Swiss-franc loan Davies had taken out and could not keep up with.
Laura had purchased a property with her now ex-partner from an established developer where she worked. The developer advised the couple to use the Alpha Bank and take out a Swiss-franc interest-only mortgage for five years and the developer also stood as the couple’s guarantor.
The Swiss franc collapsed and the repayments rapidly increased from EUR €400 to €1,400 a month. Laura was then made redundant, therefore leaving a her a single mother of one, unemployed, with a huge mortgage she could no longer pay back.