The Cyprus dream becomes a
By Chris Elliott
Living in North Cyprus we have seen dreadful cases of people’s dreams of owning a property turning into a nightmare with little or no possibility of these cases being resolved without governmental action.
So is the grass greener on the other side? Well seemingly not from what can be read in the account of a purchaser in the Republic of Cyprus who bought two apartments and now is struggling to pay for them due to taking out a home loan that is repaid in Swiss Francs.
It’s estimated there are between 20,000 and 30,000 property purchasers who have taken out this type of local home loan contract and with the economic woes in Cyprus, the owners face soaring repayment costs.
So if they feel they have been badly advised can they refuse to make any more payments until a settlement is achieved?
No, it would seem not, because Cyprus is part of the EU, the loan provider can apply to the British courts for possession orders against the property of Britons to meet debts in Cyprus. This means people can’t simply ignore their debts and hope they go away, as they could conceivably also lose their home in the UK as a result.”
To read more of this case follow the link below to The Independent.