Why did I pay cash for my home?

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