Buying out mortgage using Hungarian Loan Plan

N

noni

Guest
Hi,

I am looking into paying in full a mortgage I have on a property in Budapest in order to avail of the Hungarian Govts Loan Plan, as the payments on the CHF mortgage has gone thru the roof.

Using the loan plan, I will be able to pay the mortgage out at a reduced cost of 20%, saving me approx 10,000 e.

I will then try to sell the property to recoup my cash.

Does anybody have any advice on this for me?

thanks
 
If you can afford to do it, then it would seem like a good move. Is it a centrally-located property?
 
Its a one bedroom in Toscana Gardens in District 9.

Its been tenanted since I bought it, but the maintenance and management fees, plus the exchange rate, are making it an expensive exercise. I'm sure its the same story for most investors over there tho.
 
Interesting

Hi

I am also interested in doing this. Was concerned it was only available to Hungarian residents though.

How do you go about it? What steps have you taken?

Damon
 
Which Bank

Hi Noni

Which bank is your mortgage with?

Damon
 
Update for those following this.

Bank have acknowledged my email and are investigating my entitlement.

Will keep you updated.
 
Sorry, I haven't logged on for ages.

I'm with KDB. They will give me a rate of 180HUF for 1 CHF.

My mortgage is 70889. So, I will have to pay them 12,760,000, which is approx 51,000 CHF.

I will have to apply for this by 30th Dec and then have 2 months to pay the cash, by which time I hope to have sold the place (me and prob all the other troubled investors in the area ;-(
 
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