Cyprus-Forum.com

[craigbeck]

Hi,

I have a problem, I don't think I can continue to fund my Cyprus mortgage. I have been battling against the pound/euro conversion and it's crippling! If I had back the keys to the mortgage company what can I expect to happen?

Do they pursue the debt in the UK?

Thanks

C

[Svetlana]

Sorry to hear about your situation. What is likely to happen is that the Bank will forclose and take your property which they will then attempt to sell. In today's property market things are very tough - it depends where your property is, what kind it is, how much you paid for it.

Hopefully, it will at least cover the balance of the mortgage.

Lana

[CBBB]

Why not see if you can sell it to someone for whatever the outstanding mortgage is. That would at least mean you didn't have to worry about possible legal action.

[Oracle]

Can you take in a lodger to help with the re-payments?

[craigbeck]

It's a holiday home, I live in the UK. It's become a luxury I can't afford

[CBBB]

Can't you rent it out long-term?

[suegwyn]

Can't you rent it out long-term?

the rental market is doing a lot better than sales at the moment, worth giving it a go?

[Raymanoff]

yes, rent it to a bunch of Romanians...they will look after it very well.

On a serious note, i feel sorry for your situation but again you can rent it out long term with undervalued monthly rent so it rents out quick...

[Z4]

Hi Craig

Have you heard about banks in Cyprus now offering mortgages in Sterling? You could switch your mortgage if this helps. I believe that the National Bank of Greece....

Try all avenues Craig before giving it back.,..

[Z4]

I am also a strong believer that Sterling will recover and gain on the Euro. It's now standing at 1.12