Early Repayment Scheme in Hungary
Definitely an opportunity in Hungary to whom can pay the entire mortgage upfront. Investors can enjoy advantages of weak HUF if they have cash or option to remortgage property in their home country.
8 November 2011
Recently approved legislation allows full early repayment of foreign-currency denominated mortgages at fixed exchange rates substantially below market rates. Importantly, borrowers must apply to join the scheme by the end of 2011. They must complete repayment, in full, within 60 days after submission of the application. See discounted rates below:
CHF/HUF = 180
EUR/HUF = 250
JPY/HUF = 2
Hungary's repayment programme designed to help troubled (local) borrowers with foreign-currency denominated loans. But who can make full repayment under financial pressure? Nobody does, of course! The government basically does not help distressed borrowers with this unusal programme but offers an extrordinary opportunity for mortgate owners (in a sense, both local and foreigner) with strong financial background. Every cloud has a silver lining, so the saying goes. In this case it may well be true as the Hungarian situation continues to cause uncertainty and turmoil in financial markets.
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