Mortgages In Cyprus - Finance
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Getting Finance in Cyprus
Mortgages can be granted in a range of currencies including CYP£, US Dollars and Euros. All mortgages are full status and proof of income and outgoings will be required. Cypriot mortgages can be arranged for acquisition & construction purposes. A deposit of 30% of the purchase price is generally required and you will also be liable for solicitor's fees. Cypriot mortgages are repayment loans (unless construction, when interest only is available during stage payment release) and the maximum term available is 15 years. All mortgages should be fully repaid by the age of 65 and life cover is required by the lenders.
Cypriot lenders assess eligibility for a mortgage on the applicant's ability to service the loan and not potential rental income from the property. The general guideline is as a maximum of 40% of net available income. If you are self-employed income is assessed as the average of the last three years' net income. A percentage of rental & investment income may also be considered.
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