Reasons behind your unaffordable Cypriot mortgage
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, such as a 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.
Communicating with your Cypriot lender
Many banks in Cyprus are extremely unhelpful, and due to the financial crash, a lot of them are no longer trading, making it impossible to open a clear line of communication.
Even when you, as the borrower, are proactive in finding a solution, your lender will most likely ignore your cries for help. Paired with a slow bureaucracy, many of our clients find themselves lost when it comes to communicating with the banks and can make the mistake of walking away thinking they won’t care, which unfortunately isn’t the case.
Missing your Cypriot mortgage payments
Missing your mortgage payments is not the right thing to do, and unfortunately, many of our clients have taken misguided advice from solicitors to do this. To make it clear, tossing the keys back and walking away will NOT solve the issue.
As the owner, you are still liable for the missed payments, and if you walk away altogether, you will also be held responsible for any management or developer fees owed. Failure to keep up with payments can mean that you will be chased in your home country, which could lead to court judgements, repossession of assets and potentially bankruptcy.
Find a way out of your Cypriot mortgage nightmare
Ignoring your lender and pretending the situation isn’t happening is the worst thing you can do, and you need to take proper advice to deal with everything before the Cypriot bank starts targeting you in the UK.
EU Property Solutions are experts in dealing with Cypriot lenders and can guide you through the entire process to help you regain financial security in your home country.
Ready to deal with the situation head-on? Then call our team today on 0330 124 1230 to book your free and confidential consultation.
The cost of a mortgage in Cyprus varies depending on factors such as the loan amount, term, interest rate, and your financial profile. Generally, mortgage rates range between 2.5% to 4% annually for non-residents, and loan terms can span up to 30 years. It’s essential to speak with a local bank or mortgage advisor to get a tailored quote based on your specific circumstances.
If you’re struggling to afford your mortgage in Cyprus, it’s important to seek help as soon as possible. At EU Property Solutions, we can assist you in exploring all available options. Our team is here to provide expert advice tailored to your situation, helping you navigate through these challenges with ease. Contact us today to discuss how we can support you.
If your Cypriot home has been repossessed, it can be a stressful and overwhelming experience. Get in touch with us today to avail of a free case review.
