British pensioner couple face Limassol auction over Swiss-franc loan
A retired British couple say they may lose their Limassol home at a December 29 electronic auction after their lender refused a settlement offer tied to upcoming property sales.
As reported by the Cyprus Mail, a British pensioner and his wife are fighting to keep the Limassol house they have occupied for two decades, with an electronic auction set for December 29. The loan, originally taken from Alpha Bank in 2006, is now held by Sky CAC Limited and managed by its servicer doValue Cyprus.
The couple borrowed roughly €187,000, but the claim has since swelled to about €400,000, while their own accountant's forensic review puts the legitimate figure near €178,000. They have two UK property sales in progress that should free up about €255,000 by February 2027, yet doValue has told their lawyer it will not weigh any settlement without an immediate €30,000 payment.
“We like Cyprus, we don’t want to leave,” said John Taylor, 67, a name the couple asked the newspaper to change.
What it means for residents
The case is a reminder that foreign-currency mortgages sold in the 2000s can still surface as auctions today, and that servicers now handling old bank loans may set hard cash conditions before discussing any deal.
- Act early. If an auction date has been set for your property, instruct a lawyer at once — courts can grant injunctions that pause the process.
- Check the numbers. An independent forensic audit of the loan can reveal how much of the claimed debt is actually owed.
- Ask about state help. Schemes such as Rent Against Instalment exist, but eligibility depends on having received qualifying public assistance in the right period.
This text is written from the source article and is not a translation of it.
