Quote:
Originally Posted by Mark .Y.
Can we get away from this talk of "interest free" payments. As a general rule (and I know there are a couple of exceptions for very small percentages) the full balance is paid by the time you receive the key to your apartment.
You are not getting anything interest free as you have paid up front already, what you have done is lost interest on your capital.
You don't buy something like a large TV over here on a 12 month interest free package and not actually get the TV for 12 months do you.
Sorry, getting on my wick this one - rant over !!!
Mark .Y.
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Hi Mark Y,
I agree with you. You pay most of your money upfront usually 40% and then remainder over a period of time or on completion again around 2 years.
As for mortgages this debate will go on and on until we have an official statement from one of the BIG Lenders eg HSBC. My advice to people wanting to borrow is do it only if you can afford it and that would be by way of remortgaging any equity in your house or a simple loan. Suggestions that mortgages in Egypt are cheaper is wrong and misleading. On this thread we have had 11.5% quoted which is almost double what you would pay in the UK.
There you are my rant over too.
Regards
Westmids33