MPs in the region have agreed to join an all-party parliamentary group to help investors facing ruin after buying property in Cyprus.

A meeting was held in Parliament this week to discuss the hundreds of UK buyers who are facing legal action from Cypriot-based Alpha Bank.

Many of the investors bought properties on the island before they had been built from Roseberry Overseas Property (ROPUK), based in Stokesley, North Yorkshire.

Durham City MP Roberta Blackman-Woods attended the meeting after she was contacted by several constituents affected by the saga.

She said: “The meeting was held to set up an all-party group with relevant MPs to try and pressurise the Cypriot government into looking at what’s happened to people who have got caught up in this scheme.

“The people who have come to me are extremely distressed because they haven’t got the house in Cyprus and their banks have issued writs against them.

“They are really, really worried.”

Stockton South MP James Wharton also attended the meeting after receiving complaints from residents in his constituency.

He said: “We had a good discussion about what we can do.

“Obviously the role of MPs is limited when there’s a legal process ongoing but we have agreed to set up an all-party group.”

Mr Wharton urged anyone affected to contact their local MP.

He added: “We want as many people as possible to engage with us so we can put pressure on the government of Cyprus and look to see what the Foreign Office can do.”

A representative of Richmond MP William Hague also attended the meeting.

Hundreds of investors who bought properties in Cyprus have been unable to keep up with rocketing payments on mortgages taken out in Swiss francs.

They are now being issued with writs by Alpha Bank which could ultimately mean they lose their UK homes.

Many investors are taking their own legal action against the bank, developer Alpha Panareti and former ROPUK director Andrew Laird.