Mortgage Advice

We can happily arrange mortgages for you in Cyprus.

With deposits from only 15% and a 2-year grace period until the property is completed these are ideal for investment purposes.

Typically a mortgage will require a 15% deposit: The developer will be paid in stage payments from the mortgage until completion of the property.

You will not make any additional payments until the property is completed at which time a minimal additional payment of 5% is required.

The next 5-years can be on an interest only basis with repayment periods of 10-30 years subject to the term expiring before your 70th birthday.

Summary:

Deposits:          15%

Repayments:     2-years grace period during construction.

Term:               10-30 years

Interest:            5-years interest only and then capital and interest.

Interest rate:     Variable as per the banks standard rates from time to time.

Stamp Duty

The purchaser is responsible for the payment of stamp duty at the rate of 1.50 pounds per thousand up to the value of 100,000 CY Pounds. There after the rate is 2.00 pounds per thousand. The solicitor will pay this on your behalf.

For example if the purchase price is CYP 120 000

The first  CYP 100 000  1.5‰ =  CYP 150

Next CYP 20 000 2.0‰ = CYP 40