More than a thousand Britons threatened with repossession after buying holiday homes in Cyprus are being called to present themselves to Nicosia District Court.
According to the Times UK newspaper, the British buyers bought properties in Cyprus using low-interest loans from Greek bank — Alpha Bank — in Swiss Francs between 2007 and 2008, and are now having difficulties repaying their mortage installments.
A rise in the value of the Swiss Franc and the downturn of the Cypriot property market has meant that monthly repayments have risen from 424 pound sterling to 658.
A lawyer representing 750 British buyers said that if his clients don’t present themselves to the Cypriot court, then they run the risk of their house in Cyprus being sold and also losing their property in the UK, if they do not clear their debt and the bank decides to take the matter to the UK courts.
Times
