Budapest Equity Release

Hi Guys, I have a one bed renovated Classical Apartment on Andrassy St, in District XI. There is no mortgage and has been rented to the same tenant for the last four years. I'd like to release some equity and take out a mortgage in Hungary. Does anyone have any recommendations. I've been in touch with a company called CE Finance who could offer us 50% mortgage, charge 3% commmission and the bank will charge 1.5% commission but the rate will be about 6% but we'll be borrowing swiss francs rather than euro. Has anyone any experience of equity release in Hungary - I'd really appreciate your views and feedback. Tks

6% on a CHF mortgage in Hungary sounds quite high and 3% for a mortgage financing company also sounds high. Most charge nothing. I'll send you some more details over the next few days in relation to local brokers, who will research the market on your behalf and suggest the most suitable option.

50% LTV equity release products for foreigners are available at several banks in HU. You could try CIB directly: [FONT=Verdana, Arial, Helvetica]www.cib.hu, Orsolya Busay, obusay@cib.hu, 00361-423-2537, 1027 Budapest, Medve u.4-14. (close to Batthyány Tér metro stop on M2, the red metro line). Or KDB: http://www.kdb.hu/en/loans.php. Other possibly alternatives might be Erste Bank ([broken link removed]) or MKB ([broken link removed]).
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Hi Budapest,

Thanks for your reply. Yeah, the 3% worried me and I also forgot to mention that they'd charge me for the apartments valuation so before even applying and know how much I could borrow I'd be down EUR120, followed by EUR500 administration fee to the Broker. I'll contact those companys you've listed. We actually bank with CIB so I'll start with them. Any other contact details you have in relation to Mortgage Brokers who offer value for money would be gratefully appreciated.

Tks again