Mortgages Cyprus

 

Mortgages in Cyprus our advice covers only Southern Cyprus residential property, please refer to Turkish Republic – North Cyprus for Northern Cyprus

About Cyprus

Cyprus is an island in the eastern Mediterranean Sea, 113 km south of Turkey and 120 km west of the Syrian coast. The metal “copper” in English stems from the Latin work Cyprus. Large deposits of copper are found on the island. Geographically, Cyprus is in Western Asia.

Historically, Cyprus has been a bridgehead between Europe and Asia. It has interchanging periods of Levantine, Anatolian and Greek influences.

Type of Cypriot Mortgages:

Repayment only

Minimum: £ 24,000 - Maximum 80%. 

All loans based on the valuation or purchase price - whichever is the lower.

Proof of Income: required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Your loan is based on your joint income. All existing liabilities including any mortgage/rent payments, personal bank loans, credit card payments etc together with your proposed Cypriot mortgage payments must not exceed 60% of your monthly income for employed persons and 40% for self-employed persons. Non-Status loans are currently not available.

Additional Information:

You will need to open and activate a bank account in the same bank you obtain your mortgage from.

Acquisition Permit from the District Authorities to allow the mortgage to be released by the bank.

Term: Maximum 25 years in all other major Currencies - up to age 65

Currency: Cyprus Pounds and all other Major Currencies, including Sterling, Euros, US Dollars & Swiss Francs

Current Variable Interest Rate is from approx 1.75% above LIBOR.  Alternatively loans from approx 6.00% in Cyprus Pounds

Example Cypriot Mortgage: For a Euro Mortgage of €70,000 over a period of 15 years at an interest rate of approx. 5.20% Variable = approx €423.00 capital and interest per month = a total approximate amount payable over the term of €129,780 including capital, interest, arrangement and survey fees.

Cyprus Mortgage quote

We can provide you with quotation for the purchase of Cyprus property. This service is aimed at seroius buyers who about to make that final move . Cyprus Mortgage quote

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