The Republic of Cyprus has now introduced amendments to the laws governing mortgage of immovable property, which simplify the process of re-mortgaging and minimising the costs involved in such transactions. The rationale behind this revision is to overcome the phenomenon of mortgagees been “locked” to the initial mortgage terms, as a result of the disproportionately high costs necessary for shifting to a new mortgage offered by another financial institution in comparison to the potential gain in loan rates. The new framework is aimed at stimulating competition among financial institutions for more competitive loan rates and liberating businesses, consumers and other stakeholders to shift easily among financial institutions and securing better market rates for loan facilities.