Around half a million Polish homeowners with Swiss franc loans have won their case in the European Court of Justice, which has ruled they can ask the Polish courts to convert their loans into the Polish Zloty.
Property developers are looking to self-finance construction projects due foreign investors fearing possible difficulties obtaining Title Deeds if developments are mortgaged and banks imposing stricter criteria for granting loans.
Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees.
The Cyprus Consumer Protection Service has ruled that the Hellenic Bank violated consumer rights with abusive clauses in mortgage contracts and imposed charges for early debt repayments.
The European Commission (EC) has given Cyprus and eight other EU member states two months to implement the regulations of the European Union on mortgages if they want to avoid going to the European Court of Justice.
Interior Minister Socratis Hasikos has announced that the government intends to introduce legislation to resolve the 'hidden mortgage' problem that leaves thousands of buyers unable to get Title Deeds.
The Mortgage Credit Directive 2014/17/EU aims to enhance consumer protection for those buying residential property and should end devious banking practices in Cyprus and other EU member states.
A question on the Cyprus mortgage scam has been raised in the European Parliament by Jonathan Arnott MEP, for the North East England region for the United Kingdom Independence Party.
The troika have advised the government that properties that have been paid for but no Title Deeds have been issued could be exempted from repossession under the provisions of the controversial foreclosures bill.
Strict criteria will be applied to a mortgage-to-rent scheme currently being investigated as a means to enable those unable to maintain their mortgage repayments to remain in their homes rather than face its repossession.
