Cross border workers who bought in a house in France, after taking out a loan in Swiss francs maybe able to make a claim back against any losses due to currency rate changes.
A court in Paris has ruled home owners were not warned sufficiently of the possible risks – or were even told there was no risk.
But that’s not true.
The Swiss franc loan is immediately converted into euros to pay for the house. If the owner wished to sell the house before the loan is paid, they have to pay it back in francs.
But the euro has weakened considerably against the franc in the last 15 years, meaning there could be a large financial hole to fill – even after selling the house.
Lawyers reckon tens of thousands of home owners in neighbouring France would be able to make a claim back against their banks.
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