Perhaps I should clarify a little further. I have no intention to cast doubt on the veracity of Dan and Reds claims to have in place a mortgage product with HSBC on the terms above. They may sincerely believe they have.

However HSBC's mortgage business for Egypt is a headed up by a lady called Maha Abdel Razek and the info in my earlier posts on terms etc came from her directly at a meeting I attended with her last week and a follow up email I received from her. I'm inclined to believe her.

I have not seen the Hania contract into which the HSBC mortgage is "written" but can only assume that if specific terms on fixed rates of 6.9% for 3-15 years being available are referred to in writing then one of two scenarios is possible. Either the developer is subsidising the mortgage himself or there will be something in the small print of the contract which gives the developer an out if those terms do not ultimately materialise. Either way buyers should be aware that HSBC Egypt is not be offering those terms to foreigners at present, and from what i was told has not done so in the past. The max term for non egyptians is in any event 10 years. People will obviously do their own research and draw their own conclusions.

I do believe however that buyers should not be overly concerned because the number of mortgage products is increasing and mortgages from several other providers may be available by the time of completion.