Foreign Mortgage - Credit Score Impact?

drooke

Hi All,
I'm not sure whether I'm posting this in the right forum but here goes...

I have a foreign mortgage and it's an investment that has turned sour. If i walk away/default on the mortgage will that show up in my UK credit score?


Regards,
Dave

drooke

Hello? is anybody there?

Peelerfart

drooke wrote: »

Hello? is anybody there?

Sorry I do apologise I must have dozed off ,anyway your question.
I have not got a clue .

Bunny_Mad

Im sorry I cant help either. I havent come across this before.
Perhaps repost saying which company.

Eg.. Will Default in France show on UK credit file????

The only thing I would wonder about is the bank the credit is with...many of these banks are international HSBC, Santander etc so they may have access to foreign files if you applied to them. Just a thought, I dont know.

Hope this has given you 'food for thought'. Good Luck

drooke

It's Cyprus and Alpha Bank.

FraudBuster

HISTORY AND BACKGROUND TO THE EC REGULATION ON INSOLVENCY PROCEEDINGS



http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch37-48/chapter41/part1/part_1.htm

I would expect that the residual debt in Cyprus would be sold to a UK based debt collection company who would persue it in the UK Courts.

drooke

Ok. Well I've been open with the bank and made them aware of the situation. I'm not simply walking away. I'm trying to work out a way that we can continue with this thing.

That said, if circumstances mean that I can't pay, then I can't pay. I'm going to treat it like it's their problem - that's the risk they take when seeking the reward mortgage lending offers. My risk is that I lose the money I have invested in that property...

All very sad really. And not a situation I'm used to being in. However, I'm trying not to let it bother me too much. Life must go on...

FraudBuster

New legislation in Cyprus aimed at clearing up years of problems with title deeds will only apply to new purchases, leaving tens of thousands of property owners without legal documents.
It is a major blow for property investors on the Mediterranean island, many of them foreigners, as the government has promised to sort out the mess which dates back decades in some cases.

http://www.propertywire.com/news/europe/new-law-cyprus-200906133212.html