Mortgages in Cyprus to non-residents

Certain banks in Cyprus are in the position to arrange mortgages for non residents

The main parameters for property lending in general are as follows

1 Loan amounts of up to 80% of the purchase price

2 No Maximum amount of loan

3 Loan facility to be repayable up to 40 years term with monthly or quarterly instalments.
In certain circumstances a 15 year repayment term may be agreed

4 Interest to apply on the these loans is typically the bank base rate plus 2.5%

5 Valuation costs of the property is payable by the applicant irrespective of the application outcome

6 Once the loan facility is agreed, there is an arranged a fee of up to 1% of the loan facility and a documentation fee of up to £150

7 As security, the bank will require the following
* First legal charge on the property, or assignment of the sale of contract supported by a bank guarantee from the seller
* Assignment of a term life policy depending on the credit assessment
* Assignment of a fire insurance policy
* The applicant must pay the 30% difference between the purchase price and the 70% loan facility, before the release of the loan funds

There are exceptions to the above and individual cases may be examined

Additionally to a enable proper credit assessment of each applicant the following must be provided
* Photocopy of applicant's passport (the photograph page with personal information)
* Bank reference from existing bank
* Details of property to purchase with a copy of the sale of contract
* Full residential Address and date of birth
* Proof of income, (copies of last three months pay slips) or last two years tax returns from employer or accountant
* Copies of down the payments made by applicant against the purchase price
* Statement of assets and liabilities duly signed by applicant

Other associated costs
Mortgage fees are 1% of the loan facility, payable to the land registry office

Mortgages from the United Kingdom for property in Cyprus

We are associated with a number of mortgage companies in the UK.
These contacts enable us to offer loan facilities for property purchasing in Cyprus,
subject to status

For further information on either borrowing money in Cyprus or in the UK and for a no-obligation quotation

Contact us at

info@PropertyDirectCyprus.com