If you are considering using a mortgage to finance the purchase of an apartment, town house or Villa in Cyprus Cypriot Mortgages in Euros can be obtained for purchasing a residential property in Southern Cyprus with interest rates from approx 5.40%.
If you are looking at purchasing a property in Cyprus, Cypriot Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for other purposes including Home Improvements.
Cypriot Mortgages are available on a Repayment or Interest only basis
The Minimum advance is £ 30,000 up to a Maximum of 80% of the purchase price. All loans baed on the valuation or purchase price, whichever is the lower.
Proof of Income is required in all cases (this 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). Non-Status loans or self certification mortgages are currently not available.
Term, up to a Maximum of 40 years in Cyprus Pounds, 25 years in all other major Currencies, up to age 70
Currency: Cyprus Pounds and all other Major Currencies, including Sterling, Euros, US Dollars, Swiss Francs & Yen
The Current Variable Interest Rate is from approx 1.25% above LIBOR (discount schemes for the first two year's possibly available - starting at 1.00% above LIBOR). Alternatively loans from approx 5.75% in Cyprus Pounds
Typical Cypriot Mortgage for the purchase of an apartment, town house or Villa in Cyprus is a Euro Mortgage of €70,000 over a period of 15 years at an interest rate of approx. 5.40% Variable = approx €431.20 capital and interest per month = a total approximate amount payable over the term of €132,220 including capital, interest, arrangement and survey fees.
If you would like know more about using a mortgage to finance the purchase of a property in Cyprus and talk to independant advisor Enquire
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