Brexit and Cyprus mortgage help (or any advice) wanted please

[Bloodyhellfire]

Apologies for sounding like I don't know what I'm talking about here... I am just really confused. We bought a flat with a 15 year mortgage in euros 10 years ago in Cyprus, so obviously got 5 years left to go. I would like to sell it but hubby thinks we should keep it until we are paid up and beyond. I am really not sure what to do for the best (money matters aren't my thang😔). Any advice or thoughts? I wasn't sure if Brexit had any impact or not either so any thoughts related to that would also be welcome, please.

Why do you want to sell?

What was the original plan?

Basically, just an investment for our future. I want to sell as I'd now prefer to buy somewhere in the U.K. Hubby wants to stick to the original plan .

We have had a property in Cyprus for 5 years and the property market is dire. Does the property have title deeds available?. It's almost unsaleable without and many many properties do not have full title deeds available and some have no prospect of obtaining title deeds. You also need to factor in any annual costs which for flats can be quite high. If you use it and enjoy it, great but don't necessarily expect to make any money from it, either now or in the future. Even if you managed to make money then unfortunately there is capital gains tax on any gain and the property agents usually charge a minimum eye watering 5% plus VAT to sell. Google Cyprus property forum for further info.
We love our property, the culture and the climate and have been very very lucky with with quality of build, value for money, our developer and obtaining title deeds, but that was definitely more by luck than judgement!

Goodness knows what impact Brexit will have, there is a large expat population of Brits and increasing population of Russian and Chinese property owners, they are used to a large proportion of non local property owners. Cyprus ( and Malta) are a little different in that they are members of the Commmonwealth as well as the EU. I suspect (hope) there might be little change.

Thanks user1471... appreciate the input. As you've guessed, the title deeds are a factor 🙄I was just hoping they would be sorted in the not too distant future (thinking positively). We do use it - a fair bit actually - and we would miss it. I expected we would probably have to sell at a loss... I think my main worry is the Brexit issue... I have a sense of doom even though I don't really know how it will impact yet.

I think my instinct, like your DH's, would be to hold my nerve. It's all educated guesswork and gut ATM, isn't it?

It really is ... very scary .