Should we pay off our mortgage?

Do you have a problem getting your Title Deeds?
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mslambs
Posts: 2
Joined: 20 Jun 2011 22:03

Should we pay off our mortgage?

Post by mslambs » 23 Jun 2011 21:47

Hi,

just wanted to get your thoughts....the mortgage on our property in cyprus is in swiss francs - which has really strengthened against the pound, so much so that our mortgage has gone from around £500 per month to now at £1050 per month. So my questions are:

1. We are thinking of using all of our savings plus remortgaging our own house in the uk to pay off the cyprus mortgage. Do you think this is a good idea or do you know any other options we could have?

2. Also linked to the above point, we dont have our title deeds, so if we had a scenario where we pay it all off and then the developer goes bust do we have any claim to the property if we dont have our title deeds?

Any thoughts welcomed!!

Thanks

Maria



Nigel Howarth
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Location: Erimi, Limassol, Cyprus
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Re: Should we pay off our mortgage?

Post by Nigel Howarth » 24 Jun 2011 08:48

Hi Maria

In answer to question 1, I suggest that you take advice from an independent financial advisor on how best to deal with your mortgage.

As for question 2. If the developer has a mortgage on the land and goes bust, then his bank will not try to recover your property if you have a mortgage with the same bank.

But if you repay your mortgage and the developer goes bust you will lose that protection.

So if you do decide to repay the mortgage, I suggest that you do not repay all of it, but keep a small mortgage (say €1,000) so that you do not lose that protection.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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kjd
Posts: 1
Joined: 18 Apr 2013 21:35

Re: Should we pay off our mortgage?

Post by kjd » 19 Apr 2013 00:19

Hi Maria,

what was your decision in the end. I am in exactly the same position with the same concerns. Anyone else got any thoughts on this.



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