Cyprus Mail

Why did I pay cash for my home?

feature elias atms being removed after laiki bank was shuttered in 2013

I have been following with interest the ongoing saga of the repossessions legislation. Not surprisingly, the borrowers organisation want to continue a ban on all repossessions, regardless of the financial situation of the borrower.

Of course, with elections coming up shortly the political parties are all busy buying voters. When I retired to Cyprus in 2013, I paid cash for our retirement home. What I did not know was that repaying a mortgage in Cyprus was optional. It may sound cynical, but I could have gone to the then Laiki or Co-op bank, who gave out loans like sweeties, with absolutely no intention of repaying the loan and with no risk of consequences from the lender. How naïve I was.


David Lavery, Frenaros


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