Divestments for loans under the mortgage-to-rent scheme are suspended

The Parliamentary Finance Committee will be debating an AKEL proposal to suspend the sale of mortgaged properties while applications for the Mortgage-to-rent Scheme are being considered.

In order to give mortgagors and other interested parties an additional option for appeal when applying for the mortgage-to-rent, a law modification was made. The intention is to protect the mortgagees' primary residence while the application is being processed.

Giorgos Loukaides of AKEL emphasized the benefits of the mortgage-to-rent scheme, but he also pointed out a crucial oversight, there was no freeze on real estate sales while applications were being processed. Party representatives appear to be in favor of the proposal, according to Finance Minister Makis Keravnos.

In order to address any abuse issues, the proposal will be thoroughly examined in the appropriate committee and given priority consideration during the plenary session on Thursday. The Ministry of Finance and KEDIPES representatives are invited by the Finance Committee to share their varied viewpoints.

DISY MP Harris Georgiades, supports the idea and calls for Central Bank involvement. Christiana Erotokritou, deputy for DIKO,agrees, scheduling a meeting for Monday with diverse representation. Marinos Sizopoulos, presdients of the EPP, cautiously supports the plan and emphasizes the necessity for cautious legislative adjustments. Ecologists' MEP Stavros Papadouris, drafts an oral amendment to take objections to divestment procedures into account while applications are being made.