Can’t Afford Your Property
A small change in circumstances can easily turn a dream holiday home into an unaffordable nightmare. This can happen quickly and leave you feeling like you have no options available.
The financial burden and the undue stress and anxiety can have serious impacts on you. Fortunately, there are always solutions available. Read on to find out more about your options.
Many people who purchased property pre-2008 bought based on promises of guaranteed return. As time has gone on, the economy has faltered, and circumstances have changed, turning this dream into a nightmare.
There is a myriad of reasons why you may be struggling to afford your Cypriot property, some of the most common issues include:
- A change in personal circumstances, e.g., change in income/death of a partner
- A lack of rental income from the property
- Increased management fees
- High developer fees
If you are struggling with any of the above or cannot afford your property for any other reason, you have come to the right place.
“I can’t afford my property, should I talk to my lender?”
Unfortunately, Banks and other major lenders in Cyprus are anything but helpful. You may be trying to figure out how to get rid of your property or make it more affordable. These lenders are unlikely to provide much other than continued frustration.
Along with slow bureaucracy and an unwillingness to help, many of the original lenders and developers of Cypriot properties no longer exist. This makes your chances of reaching an agreement very unlikely.
Do You Have to Pay for Your Cypriot Property?
In simple terms, yes. Many property owners in Cyprus have taken misguided advice from solicitors who suggest you should simply stop paying your mortgage, leave the property and never look back.
This is not a sensible approach. You are still liable for the remaining mortgage amount owed and could face legal action.
A further nasty surprise can come in the form of accrued management and developer fees. These are often added on top of the mortgage and can leave you owing a lot more than you may have anticipated.
Consequences and Options
If you stop paying any of these bills, you could find yourself on the wrong side of your lender. The lenders in Cyprus employ a variety of techniques to chase you in your home country if they feel like you’re trying to pull the wool over their eyes.
They can pursue you via legal action, court judgements, repossession of assets and potentially, even Bankruptcy.
Luckily, EU Property Solutions are experts in dealing with Cypriot lenders and protecting our clients from their reach. Click at the top of this page to find out more about a specific issue. If you can’t find what you are looking for, you can speak to us on 0330 124 1230 or email [email protected]
Can I Sell If My Property Is In Negative Equity?
One common misconception is the idea that you cannot sell if your property is in negative equity. This idea leaves many homeowners paying a mortgage for a property that they don’t even want to hold on to. Selling in negative equity does present some challenges, but with the right advice and help, it is still possible.
Should I Keep My Property?
A common misconception is that holding on to your property will allow the value to increase. Whilst this may come true, it is also just as likely that the value could decrease or stay the same. It is never going to return to the value it was purchased for. The best option is to be realistic, the sooner you act, the better the outcome.
Why Should I Trust EU Property Solutions?
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that you have probably been lied to by the bank, developers, and estate agents. If our amazing results don’t say enough for themselves, check out some of our testimonials or call our office and speak to a team member. You can even chat with previous clients of ours over the phone!
Why not get in contact?
We are always happy to offer a free, confidential review of your situation.
This helps us understand exactly what you need and, helps you understand the best options to solve your property debt issues.