NEWS that the Bank of Cyprus will cut its base mortgage rate by 1% in early June, bringing it down to 4.25%, will be welcomed by many who are struggling with their mortgage repayments.
However, overseas property investors may not benefit from the rate cut as it will only apply to mortgages taken out before 1st January 2008 and all new mortgages up to a value of €200,000 taken out by permanent residents on their first home.
