Cyprus extends mortgage-to-rent scheme deadline as applications exceed 4,200
Applications to Cyprus' mortgage-to-rent scheme have surged past 4,200, prompting the government to extend the application deadline by two months to September 30. The state-owned asset management company Kedipes has received 4,269 applications since the scheme's launch in December 2023, with a notable rush in the final days before the initial July 31 deadline. This extension offers vulnerable borrowers another chance to apply and avoid losing their main residence.
Despite the high number of applications, progress through the scheme remains slow. To date, 1,211 homes have been approved, with 846 formally entering the scheme, and 365 still awaiting final processing. The process involves detailed property valuations and eligibility verification, and around 30-35% of applications are rejected for failing to meet criteria.
Under the mortgage-to-rent arrangement, ownership of the home transfers to Kedipes, while former owners can remain as tenants, with options to repurchase after five years. Eligible properties must have a maximum value of €250,000, or €300,000 for certain previously approved borrowers. The scheme has already cost nearly €100 million, with ongoing financial reserves to support future approvals.
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