Cyprus-Forum.com

[lpm10]

If I take out a mortgage in Cyprus but live in the UK.
And in a worst case scenario default on my mortgage payments I realise the bank can reposses my property and my deposit etc is gone.
But can the bank also come after any UK assets?
Not that I plan on this happening but I just wanted to get an idea of the legal procedure should the worst ever happen.

[Svetlana]

It is most unlikely; in theory it could happen but the asset value of the property will almost certainly be much greater than the size of the mortgage. At very most you will get a 80% mortgage here and, if the banks follow the advice from the Central Bank, perhaps as little as 70%.

Lana

[lpm10]

Thanks Lana,
That's pretty much what I thought I just wanted to make sure if the worst ever did happen that my main residence was secure.

[twinkle]

Don't they penalise the guarantor who signed for you????

[dinos]

LPM, this matter requires legal advice that is not common in most marketplaces. Speak with a qualified asset protection attorney before making decisions if you're really concerned about this.

Rgds,
-dinos

[Svetlana]

They will either take the Title Deeds, if they are available, as collateral or insist on a Bank Guarantee form the Developer (who will hold the Deeds if the development has not been subdivided).

Lana

[Get Real!]

If I take out a mortgage in Cyprus but live in the UK.
And in a worst case scenario default on my mortgage payments I realise the bank can reposses my property and my deposit etc is gone.
But can the bank also come after any UK assets?

Yup... even your underwear! That's the beauty of the EU. Why don't you verify that with your solicitor and/or bank manager?

[Cyprus Vending]

If I take out a mortgage in Cyprus but live in the UK.
And in a worst case scenario default on my mortgage payments I realise the bank can reposses my property and my deposit etc is gone.
But can the bank also come after any UK assets?
Not that I plan on this happening but I just wanted to get an idea of the legal procedure should the worst ever happen.

YES they can!!!

And its the same for anyone living here that has unpaid debts in the UK or ANY other EU country...

'You' would be taken to court in your main country or place of business.

There is however ways to protect your investments...

Take legal advice first and then get a second to confirm the first.