cyprus housing

– The House unanimously passed legislation to halt property auctions for mortgage debtors who have applied for the ‘Mortgage to Rent’ scheme.
– The legislation applies to auctions on first dwellings.
– An amendment expanded the protection to include debtors rejected from the ‘Mortgage to Rent’ scheme but who have appealed the decision.
– The legislation was tabled by Akel MPs and amends the main foreclosures law.
– The ‘Mortgage to Rent’ scheme allows homeowners to surrender ownership and rent their home for five years, with the state-owned asset management company Kedipes acting as the landlord.
– Applicants who meet the criteria and have a title deed will transfer the title to Kedipes and sign a 14-year rental contract.
– The state will cover the rent for 14 years, with an option for the tenant to re-acquire the property after five years.
– The scheme is also open to borrowers with a primary residence valued up to €350,000 and those whose participation in other housing schemes has ended.
– The ‘Mortgage to Rent’ scheme was launched in early December 2023.

The House unanimously passed legislation to halt property auctions for mortgage debtors who have applied for the ‘Mortgage to Rent’ scheme. This applies to first dwellings and includes those who were rejected from the scheme but have appealed the decision. The legislation amends the main foreclosures law, providing additional legal protection for debtors. The ‘Mortgage to Rent’ scheme allows homeowners to surrender their home to their lender and rent it from the state-owned asset management company Kedipes for five years, with the state covering the rent for 14 years and an option for the former owner to buy back the property after five years. The scheme is available to borrowers with a primary residence valued up to €350,000 and was launched in early December 2023.