Mortgages in Cyprus for your property abroad in Cyprus
Getting a Mortgage in Cyprus
Buying property in Cyprus is relatively easy. Non-Cypriots can buy a property on a site or a piece of land not measuring more than 4,000 square metres.
Mortgages for Off Plan Properties in Cyprus:
Deposit required: A minimum of 10- 30% for non-residents.
Length: 7- 25 years
Interest rates: from 3.25% according to currency
A Cypriot bank account will be required.
Properties can be purchased by an individual or in joint names
With properties under construction, the lender cannot lend on the security of the property until it has been registered.
Mortgages on property can be given in a foreign currency, e.g. U.S. dollars, British pounds, Euros and Swiss francs, or in Cypriot Pounds.
For a mortgage loan in Foreign Currency, the maximum repayment period can be 15 years.
For a mortagage loan in Cypriot Pounds, the maximum repayment period can be 25 years.
The mortgage is paid by monthly or quarterly instalments.
What proof of income is required for a Cyprus mortgage?
All loans need to be supported by proof of income.
You need to produce your latest three months payslips, P60 and 6 months of personal bank statements.
Self-employed people need copies of audited accounts detailing your business over the past year and 6 months of personal bank statements.
Mortgage lenders will not consider proposed rental income from the property.
Your total outgoings must not be in excess of 35% of your monthly income.
One of the major banks in Cyprus is:
Bank of Cyprus Group www.bankofcyprus.com
Good luck getting your mortgage in Cyprus!