Mortgage Advice

Mortgage Finance

Many major Cypriot banks offer mortgage facilities to foreign applicants to assist in the purchase of their property.

Our major developers have strong relationships with most of the Cypriot banks to reduce finance costs for its customers and speed up the application process – many have managed to set up special finance schemes on offer for all customers.

General Information

• Mortgages can be granted in foreign currencies such as USD, EUR, GBP, CHF Etc.
• For a mortgage in Foreign Currency the maximum repayment period is 15 years.
• For a mortgage in Euros the maximum repayment period can be upto 25 years.
• Please note that the age of the applicant plus the term of the mortgage cannot exceed the age of 70.
• The maximum amount borrowed is usually up to 70% of the property value, however in some cases the amount can be up to 80% of the value of the purchased property.  (this often applies to first time buyers)

Securities:

1. For many projects developers have finance schemes with banks that allow for minimal security requirements which means substantially lower costs.
2. Some developers also provide a corporate guarantee to the banks as a security to the clients’ mortgages.

Documents/Information required by the banks:

1. Customer’s details .
2. Passport copies.
3. Statement of means .
4. A bank reference.
5. Evidence of income, P60 or business accounts.
6. Purchase agreement.
7. To open a bank account in Cyprus with the lender.

Our developers offer finance advice to their customers that wish to acquire a property through a Cyprus mortgage. If you require further information or assistance in relation to the above you can contact Sales@cyprus4less.co.uk