Intro
Up to 70% LTV mortgages are now available to international
investors over a term of up to 25 years. Loans are available in
USD, Euros, CYP, CHF and GBP with minimum loan values of €10.000.
Mortgages are only available in Southern Cyprus.
Availability
Mortgages in Cyprus are available to employed and self employed
applicants however non status mortgages are not yet offered. Life
insurance policies are required before mortgages applications are
improved.
Cost
The typical interest rate is 4% if local currency is selected
and banks usually charge an arrangement fee of 1%. There are
early repayment penalties during the first 3 years which varies
from bank to bank. The banks only offer mortgages on a capital and
interest repayment basis.
Application process
The application process is fairly quick and similar to that in
the UK. The banks will require copies of income as well as bank
statements in order to reach a decision. Typically you can expect
offers to be issued in a couple of weeks.
Mortgage Finance from Frontiers Financial Services
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