Cyprus opens ‘Mortgage to Rent’ again

A caller window is reopening for Cyprus’ “Mortgage to Rent” scheme, with the Finance Ministry announcing that applications will erstwhile again beryllium accepted for vulnerable borrowers struggling with nonperforming loans tied to their superior residence.

Applications will unfastened connected Monday and stay unfastened until July 31.

The relaunch comes astatine a clip when Cyprus’ foreclosure model has erstwhile again travel under nationalist and governmental scrutiny, with lawmakers discussing changes aimed astatine strengthening protections and support measures for vulnerable borrowers.

The strategy is designed to assistance socially vulnerable homeowners whose superior residence has been used arsenic collateral for a nonperforming loan.

KEDIPES, the state-backed plus absorption institution liable for implementing the scheme, confirmed the reopening, echoing reports archetypal published by Kathimerini successful March astir plans to bring the programme back.

The determination to reactivate it follows months of discussions successful the House Finance Committee, where MPs examined ways to amended the foreclosure model and grow support tools for financially vulnerable households.