Mortgage Update - good news

[Sanchez]

Hi all,
I've just been to El Gouna where I have an account with HSBC.
I was told that they presently do not offer mortgages to non Egyptians.
They were about to offer this but had to review the whole process due to the sub-prime issues experienced in the US and Europe.
Basically I think they want to introduce mortgages to non Egyptians but are just sorting out the details. Hopefully it will happen soon .....

[ChrissieB]

Hello

Please can anyone tell me the current situation regarding mortgages for Sahl Hasheesh, I am purchasing two apartments at Sunset Pearl which will complete in January and I really need to get a mortgage organised. Many Thanks

[HORIZON]

Originally Posted by ChrissieB

Hello

Please can anyone tell me the current situation regarding mortgages for Sahl Hasheesh, I am purchasing two apartments at Sunset Pearl which will complete in January and I really need to get a mortgage organised. Many Thanks

Hi Chrissie,

If you are purchasing through Pyramisa group, they offer mortgages up to 5 years themselves:
Option 3 :
10% Reservation deposit (refundable within 28 days)
40% Within one month upon signing the PPC
50% over 5 years from signing PPC in equal quarterly installments at 5% fixed flat interest (approx 8.4% APR).

[ChrissieB]

Thank you Violeta

I have spoken to Pyramisa and they have been very helpful, although my terms would be slightly different, I have already paid 40% through WWD, Pyramisa will let me have a mortgage but I would have to pay 20% up front and the remainder over 5 years, unfortunately due to the credit crunch I am finding it very difficult to raise the 20% for both apartments!! Hopefully there will be a way through this, I know if I could sell one of the apartments before completion I would be able to complete on the other one!!

Thanks again for your help