​Are HUF based mortgages affected by the New FX loan law? July 30th, 2014

The answer is yes. Check whether you are affected. The new law voids the Banks’ practices of making unilateral changes to all retail loans. Lenders must successfully defend such changes in court.HUF based debtors might experience these kind of changes too. Check whether the interest rate or other fees were unilateral modified in you agreement by the Bank. If the answer is yes, it is possible to expect some refund in the future. Source: hvg.hu, Budapest Business Journal

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​Focus on FX Loans – What happened so far July 30th, 2014

We collected the milestones of “bailout” legislation on FX loans in Hungary.  2011 - Early FX repayment option Debtors could pay back the remaining part of their mortgage on a fixed rate. This option was available only temporary. From September 2011 to February 2012 nearly 170.000 FX loans have been repaid. 2012 – Exchange rate limit Under the exchange-rate-limit scheme launched in spring 2012, borrowers may opt to cap their repayments based on the limit for up to five years. The difference...

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​Focus on FX Loans – The New FX Loan Law July 30th, 2014

In July the Hungarian Government accepted the new FX loan law. What can you expect? More property owners are enquiring about the recent legislation on issue of the Forex loan debtors. We collected some main elements of the law. The law voids the practices of using different exchange rates for disbursement and repayment of foreign currency-denominated loans and of making unilateral changes to all retail loans unless lenders successfully defend such changes in court – wrote the Budapest Business...

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​More Properties Are Bought as an Investment July 30th, 2014

10 percent more apartments were sold in the 1st half of 2014 than in last year’s same period. More and more properties are bought as an investment, too: the new owners like to sublet the apartment, or sell it later at a higher price. Property market got busier and the number of those who bought an apartment as an investment also increased in the 1st half of 2014: 10 percent more properties were sold than in last year’s same period. Some investors would like to sell the apartment at a higher...

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11 Things CNN Thinks It’s Worth to Know About Hungary July 25th, 2014

CNN says Hungary is worth to be considered as a possible travel destination. The news portal mentioned several interesting, funny or surprising facts in an article earlier that need to be known about Hungary, from the Nobel Prize winners to the monuments to visit. 1. The rate of Nobel Prize winners is very high in Hungary: between 1905 and 2004 13 Hungarians got the reward 2. Gulyás (goulash) is not a ragout or a stew-like dish but a soup; and almost every food contains paprika including granny’s...

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​Where to Buy an Apartment to Rent it Out for More Money July 25th, 2014

After the students got to know how many points they needed to get in the chosen college or university, those who managed to get in start looking for an apartment to rent, so there won’t be almost any apartments without a tenant soon. The future college and university students got to know about how many points they needed to get in to the chosen school on the 24th June. Those who managed to get in, and their school is located far from their home, will start looking for an apartment soon. According...

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