mortgage-to-rent scheme

mortgage-to-rent scheme vulnerable households

New Mortgage-to-Rent Scheme: A Lifeline for Cyprus Homeowners

The new mortgagetorent scheme in Cyprus allows vulnerable homeowners facing foreclosure to transfer home ownership to Kedipes and rent it for 14 years, with the state covering the rent. Eligible participants, including ‘trapped buyers’, can later buy back their homes. This initiative is aimed at safeguarding primary residences for families in financial distress. Syprodat, the Cyprus Borrowers Association, has welcomed the scheme and encourages those who qualify to actively engage with this new opportunity.

mortgage-to-rent scheme vulnerable homeowners

Supporting Homeowners: The Inception of the Mortgage-to-Rent Scheme

The MortgagetoRent (MtR) scheme is a voluntary program that helps homeowners with mortgage arrears by transferring property ownership to their lender for five years, allowing them to stay as tenants in a 14year rental agreement with Kedipes. The scheme, awaiting parliamentary approval, is part of a comprehensive package of measures targeting nonperforming loans and aims to provide immediate relief and longterm economic resilience for vulnerable homeowners.

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