CyprusLiving

Hi,
My wife & I are at our wits end trying to pay a UK mortgage & a Cypriot one also.
We bought our villa 3 years ago having to put 40% down. Our UK house sale fell through at the same time. We started paying the full amount 1 year ago (Swiss Francs). The libor rate changed so we are paying even more now. The bank will change to a Euro mortgage for about 1800 euros but we are struggling to make the payments.
My question is, if we stop paying, & say goodbye to £55k plus, will the bank come after us for more?
Any suggestions that don't involve a rope are most welcome!
Thanks Paul

Could you swap either or both to an 'interest only' deal in the short time, or is that prolonging the agony?

Edit - just seen this which may offer some hope???
http://easterncyprus.com/viewtopic.php? ... 94861139e2

The UK house is already interest only & we are renting it to make a bit extra. The villa was deferred for a year then interest only for a year & now interest plus capital repayment. I mentioned to the bank (Laiki) that we were having problems but the reply was just reiterating the original terms above.

Paul,

I'm afraid I don't have any miracle cures for you. This is a familiar problem for many. I'm sure you have looked into selling one property or the other - there is still a market but it is a buyers one & that means dropping the price... Still, it may be better than repossession.
Most banks will seek to recover any losses incurred in the forced sale of a property.

Good luck

Sorry to be the one giving bad news, but there was a case recently where a couple tried to give the keys back to a Spanish Bank, however the Bank refused this, and subsequently went after their UK home.