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Old 25th February 2009, 04:31 PM
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Unhappy alpha bank

hi well what can i say alpha bank is not lending money . we did have an a proved mortgage with them but now we dont we are up a creak without a paddle . i just wont to cry. im sorry i dont know what to say . we just wont our apartment in paralimni . talk soon. sorry:

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Old 25th February 2009, 04:38 PM
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Originally Posted by chrissie View Post
hi well what can i say alpha bank is not lending money . we did have an a proved mortgage with them but now we dont we are up a creak without a paddle . i just wont to cry. im sorry i dont know what to say . we just wont our apartment in paralimni . talk soon. sorry:
So sorry to hear your bad news chrissie.
You are not alone in this situation as Alpha bank are withdrawing mortgage offers from many people and I think it will be some time before things get any better.
I do hope you manage to find some way around it.

Regards Veronica

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Old 25th February 2009, 04:50 PM
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I am also very angry with Alpha Bank. I had a buyer client who was approved for a loan after they made him deposit a certain amount in there bank. Finally when the developers approved the sale of the re-sale "no title deeds"Alpha stopped lending. Now the client is getting a loan from another bank COOP. All this started in June, they wasted so much time for the buyers, sellers, me <snip>.


Last edited by BabsM; 26th February 2009 at 05:59 AM. Reason: defamatory content.
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Old 25th February 2009, 05:23 PM
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Unhappy alpha bank

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Originally Posted by Veronica View Post
So sorry to hear your bad news chrissie.
You are not alone in this situation as Alpha bank are withdrawing mortgage offers from many people and I think it will be some time before things get any better.
I do hope you manage to find some way around it.

Regards Veronica
thanks lets hope all will be ok other wise we will in breach of contract and then we are in the s..t

Old 25th February 2009, 05:26 PM
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Old 5th April 2009, 08:03 PM
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thanks lets hope all will be ok other wise we will in breach of contract and then we are in the s..t
What a nightmare. Sorry to hear that. I also have an issue, which I am losing sleep over. I agreed to purchase a holiday home from a well know developer in Cyprus. I was happily organising my mortgage when I had the shock of my life that I can only take a mortgage with the Alpha Bank as they have bankrolled the development.....nowhere in my contract of sale does it say I do not have the freedom to choose my own mortgage product.......I feel like I have been conned because as you can imagine the Alpha Banks margins are pretty high. I do have a solicitor in Cyprus but have a suspicion he is also in on this scam...


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Old 5th April 2009, 08:14 PM
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Originally Posted by Rich & Jules View Post
What a nightmare. Sorry to hear that. I also have an issue, which I am losing sleep over. I agreed to purchase a holiday home from a well know developer in Cyprus. I was happily organising my mortgage when I had the shock of my life that I can only take a mortgage with the Alpha Bank as they have bankrolled the development.....nowhere in my contract of sale does it say I do not have the freedom to choose my own mortgage product.......I feel like I have been conned because as you can imagine the Alpha Banks margins are pretty high. I do have a solicitor in Cyprus but have a suspicion he is also in on this scam...

I would call the developer and discuss this with them. If Alpha is not lending how can you get a mortgage from them. The other issue I would be worried about here is the financial stability of the developer- why else would they do this otherwise? Another thing you can do is have the bank who is working on your mortgage look into this. I am sure they wouldn't want to lose you as a customer.

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Old 5th April 2009, 08:47 PM
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I would call the developer and discuss this with them. If Alpha is not lending how can you get a mortgage from them. The other issue I would be worried about here is the financial stability of the developer- why else would they do this otherwise? Another thing you can do is have the bank who is working on your mortgage look into this. I am sure they wouldn't want to lose you as a customer.
I have spoken with the developer. The Alpha is lending.....but at high margins. I think the devloper is stable. I think they have borrowed the money from Alpha at lower margins and in return the buyer ie me has to take the mortgage with Alpha. Put simply, it's as if I am subsedising the devlopers loan. The fortunate position I am in is that the developer failed to draw down at different stages and completed the property. If I walk now I think I leave them in a difficult position to sell yet another property. This puts me in a good bargaining position but I really need to know if a developer can force you to take a mortgage with only one company. <snip>


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Old 5th April 2009, 09:58 PM
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Originally Posted by Rich & Jules View Post
I have spoken with the developer. The Alpha is lending.....but at high margins. I think the devloper is stable. I think they have borrowed the money from Alpha at lower margins and in return the buyer ie me has to take the mortgage with Alpha. Put simply, it's as if I am subsedising the devlopers loan. The fortunate position I am in is that the developer failed to draw down at different stages and completed the property. If I walk now I think I leave them in a difficult position to sell yet another property. This puts me in a good bargaining position but I really need to know if a developer can force you to take a mortgage with only one company..

It is not that the developers can force anyone to take a mortgage with a particular bank nor is it the fault of solicitors. It is also not a matter of a scam.
The problem is that if the developer has money owing on the land other banks won't lend on it without high mark ups to cover themselves.
Unfortunately another problem at the moment is that the banks here have seen what has been happening in the UK with so many people suddenly unable to pay their mortgages and they are covering themselves to make sure they don't get into the same mess that so many British banks are in now.
On top of that is the weakness of the sterling against the Euro which makes mortgages here seem more expensive.
When the Euro first came into being and the UK decided to keep sterling many people, including myself foresaw that this sort of thing could happen and it is now coming back to bite the British public.

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Last edited by BabsM; 6th April 2009 at 12:03 PM.
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Old 6th April 2009, 03:28 PM
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Its because it would have a knock on effect in terms of the revolving credit facility that the devoper has with Alpha for the funding of this development through to completion and probably other sites too. ie...Alpha bank roll the devloper on this development and others and the more properties they(alpha) have under their wing the more security they have against the developers borrowings. Part of the deal between the developer & Alpha probably involves the kick backs for back to back financing and fees generated around this.

As I basically provided a deposit in euro's two years ago, I could be in a position to pull out, receive a refund and and end up making a healthy margin on my sterling euro exchange. I may then go and purchase a re-sale where I am able to arrange my own mortgage...

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Old 6th April 2009, 03:30 PM
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It doesn't get around the fact is that it was never stipulated in contract that I can only get a loan from the Alpha Bank which I believe is not a good practice. I would say it borders on deception.....

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