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25 May, 2024
 
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Foreclosure fate tied to 'Mortgage-to-Rent' scheme

Government backs mortgage scheme law

Newsroom

Cyprus' parliament has given the green light to a groundbreaking law aimed at empowering homeowners and offering relief in the face of mortgage challenges.

The legislation enables the suspension of housing sales through the innovative Mortgage-to-Rent Scheme and objections to participation in the program.

Proposed by members of the AKEL party, the law allows mortgage debtors to contest intended mortgage property sales in district courts. Notably, it integrates applications to the Mortgage-to-Rent Scheme as valid grounds for objection.

An amendment put forth by ecologists' movement MP Stavros Papadouris, receiving approval with 21 votes in favor and 18 against, extends the suspension to encompass objections related to the Mortgage-to-Rent Scheme.

AKEL MP Andreas Pasiourtidis hailed the law, emphasizing its pivotal role in protecting applicants' rights to halt primary residence auctions. Pasiourtidis further endorsed the Papadouris Amendment for its provision of an extended suspension during objections.

MP Papadouris underscored the imperative of minimizing unnecessary procedures, drawing from past project experiences to support his amendment.

While praising AKEL's initiative and governmental cooperation, Diko MP Chrysis Pantelidis opposed the Papadouris Amendment, citing assurances from authorities regarding the law's coverage of objection cases.

Elam MP Sotiris Ioannou supported both the law and the amendment, highlighting the significance of pausing foreclosure during pending applications. Edek MP Ilias Myrianthous backed the law to rectify plan weaknesses and supported the Papadouris Amendment for clarity.

Dipa MP Alekos Tryfonidis endorsed both the law and the amendment, drawing attention to challenges faced by citizens with low incomes in accessing the scheme.

DISY MP Savvia Orfanidou expressed willingness to enhance the scheme with support from relevant authorities. However, DISY opposed the Papadouris Amendment, citing assurances of its redundancy.

Diko MP Zacharias Koulias flagged issues hindering inclusion in the scheme, such as complications arising from co-ownership.

Akel MP Aristos Damianou urged parliamentary action to enhance the scheme. MP Papadouris reiterated the necessity of his amendment to streamline procedures, citing unclear assurances from authorities.

The approved legislation underscores efforts to refine housing sale processes while addressing citizens' concerns and enhancing access to the Mortgage-to-Rent Scheme.

[With information sourced from CNA]

TAGS
Cyprus  |  parliament  |  law  |  mortgage  |  economy  |  housing

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