Credit West Bank - need your honest opinion!!!

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
26/12/2011 14:03

Hello,



First of all - Merry Christmas!



Credit West bank, is North Cyprus bank I think? Do you have any opinions about it? anyone took a loan in this bank? Is it trustworthy bank for taking loans for buying apartments??



Im asking because me and my hubby wants to buy some apartment and we were suggested to take loan in this bank (someone said it has lower rates/interest). But my hubby and I don't trust much KKTC banks, and I remember there used to be some several problems with other KKTC banks before...



Any good, honest opinion is welcome! Thank you in advance!!! ;)

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
26/12/2011 16:31

back to top, anyone knows about this bank?

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
26/12/2011 16:42

ingalill, I believe this bank has a 2 star rating and from my dealings with this bank they are very helpful and very curteous.



I suppose like any business Im sure it will have its good points and its bad ones ?

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
26/12/2011 17:24

2* about right.

Geoff

Jonesy299


Joined: 07/02/2009
Posts: 367

Message Posted:
26/12/2011 17:27

I think most people would be a little reticent in giving specific advice when you are talking about large sums of your money / investments etc.



IMO Creditwest seem to be highly professional and well thought of and certainly as good as if not better than any of the banks on offer.



But - based on your statement " ..but my hubby and I don't trust much (sic) KKTC banks" then maybe you have already answered your question?

BizziLizzi


Joined: 02/08/2011
Posts: 855

Message Posted:
26/12/2011 17:55

I can endorse all the comments above including message 5.



From my limited usage of CW I have found them pleasant and helpful and as far as local (Karakum) branch is concerned, fluent English.



However for investments I would suggest spreading the risk between banks - but I am not sure if that would work with loans.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
26/12/2011 17:58

Why not pop in and pick up a copy of their Annual Accounts (readily available) and judge for yourself their financial standing etc. Or alternatively, arrange a meeting with the manager and ask them to give you this information.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
26/12/2011 20:34

Not 2 star, but double A rating, about the best that a TRNC bank could achieve in the political climate.

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
26/12/2011 21:24

Thank for your suggestions and advices! We will take a look after New Year in one of their offices.

kbasat



Joined: 28/07/2011
Posts: 481

Message Posted:
26/12/2011 22:23

I apologize but I do not understand the purpose of this question. If you are taking out a loan on a predetermined terms, they should be trusting you, not the other way around.



I would understand this question if you are talking about depositing money or actually investing in the bank, but asking for a bank's reliability when taking out a loan does not make too much sense to me. am I missing something.



btw, I am banking with creditwest Karaoglanoglu branch for almost 8 years, always helpful.



K.

pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
27/12/2011 08:20

If the new proposed law makes it to the statute book, borrowing in the TRNC should not be so 'hit and miss' as the intention is to cap the interet rate on all loans, assume that means mortgages too.

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
27/12/2011 09:32

As stated above, you are looking to borrow so as long as you make sure the proposed interest rate is reasonable and not within their whim to increase exponentially then you should be fine borrowing from them... As you are proposing to take out a mortgage it would pay to shop around.

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
27/12/2011 22:39

Problem is that I am afraid to borrow money - first of all its big amount, second it will be my first loan ever taken in my entire life, third - what I will do If in 2 months after taking this loan bank will tell me : "sorry but we must rise up your interest up to XX %" and then what?

I want to be sure bank wont "eat me" til last penny...if something happens.

I dont know this bank, in fact I do trust Turkiye Is Bankasi but their loan rate is too big for me and hubby and we cannot take it at this bank (unfortunately), so we have to find some good alternative.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
27/12/2011 23:11

Now I understand the problem.

1. Normally the banks tell you that the yearly interest rate will be say 10% but they forget to emphasise that the interest will be consolidated to the capital every so many months.



2. Usually the small print tells you that the bank may vary the interest rate at will subject to notice. Then the borrower has the option to agree or pay back the money i.e. Hobson's choice.



Having said the above, if you borrow within your means i.e. if you can pay your installments easily you should have no problems.

ismet

PS: always check the interest rate the bank will charge you e.g. they may say 10% but in reality charge you say 12%. Check your figures here http://dl.dropbox.com/u/26171843/Interest.xls Go to second tab "Monthly payments" and check the figures

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
28/12/2011 12:15

elko2 thank you for this post! Was very helpful and I will check the rates the way you've suggested. Thank you.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
28/12/2011 14:55

I have deposited with this bank for 5 years but know nothing about loans from them. As a bank they have given me excellent service recently through Deniz at Karakum branch. Their insurance for houses is rubbish and I have gonee elsewhere for this.



Siurely you will get a better rate in the UK for a loan.

Salamisboy


Joined: 20/03/2011
Posts: 54

Message Posted:
28/12/2011 15:27

Some good advice proffered in previous posts. however from my (admittadly limited experience in this land) it does seem that interest rates are extraodinarily high here..



If it were not possible to obtain a 'fixed rate' deal here then I would explore every possible avenue to enquire among lenders in the Uk. There are some who will lend on overseas properties and perhaps a fixed rate could be obtained, particulerly if there is some uk collateral to be offered.



There may be readers of this board who have experience of reliable UK Mortgage Brokers who have proved themselves in the past. Do not baulk about paying a fee for such a service which could save you thousands over the years, or even the property value itself. With the financial world in turmoil and it's foreseeable future uncertain the present time is particularly difficult to be raising substantial amounts of money.



All the best,

Sb.

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
31/12/2011 15:16

Salamisboy and breezyboy thanks for reply but Im not from UK, Im from Poland.

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
31/12/2011 23:59

CW; A welcome with open arms and promises until your 'dosh' is with them, then the 'rules of contract' change to your detriment!



Richard

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
01/01/2012 07:46

Brinsley you've got it arse about face... again. Ingalill is thinking of borrowing... We found no evidence of CW behaving in the way you intimate... do you have anything substantive to back up your claim?



Ingalill, why do you want to borrow to buy? If you don't have the cash to buy outright, it would probably/definitely be best to rent. There are loads of rental properties and you won't be in a position of any long-term financial commitment (that you might come to regret) Your commitment will only be for the rental contract term. Just make sure your rental agreement provides that you can move when you want, e.g. if your view disappears or irritating neighbours move in - off you can go.

ingalill


Joined: 17/06/2009
Posts: 136

Message Posted:
01/01/2012 17:32

Groucho

Im renting already since 2 years...and rental rate is high for us (Im not working unfortunately), we are tired to pay every month. We want to have our own flat/house. We are saving since 2 years for it and all we have to do is to find trustful bank...thats all.