Cyprus Property Forum for Buyers, Sellers & Investors

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

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,

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.