CyprusAt a glance: | | Mortgage | Refinance | Equity Release | Buy to Let | | Maximum Loan to value | 80% | 70% | 40% | 65%* | | Maximum Interest only period | 5 years | 5 years | 0 | 0 | | Maximum Term | 25 years | 25 years | 25 years | 25 years | | Maximum Age on completion | 80 | 80 | 80 | 80 | | Average interest rates | 3.4% | 3.4% | 3.4% | 3.4% | | Average monthly price per thousand | 3.65 | 3.65 | 3.65 | 3.65 |
*Rental income considered in affordability
Process:
Cypriot banks are very experienced in handling non resident mortgage applications and can have mortgage offers in place within two to three weeks due to the large variety of products available, there is generally a mortgage available for all applicants.
Approximate timelines (weekends not included): | 1. | Approval in principle | Instant | | 2. | Final licences | Day 1 | | 3. | Property registration details | Day 1 | | 4. | Application (receipt of documents) | Day 1 | | 5. | Power of attorney | Day 1 | | 6. | Confirmation of approval in principle | Day 3 | | 7. | Valuation | Day 6 | | 8. | Formal offer | Day 10 | | 9. | Arrange signing | Day 15 | | 10. | Signing | Day 20 | | 11. | Transfer of deeds | 5 Years | | 12. | Payment to developer | Day 20 | | 13. | Agency of service | Day 20 | | 14. | First mortgage payment | Day 21 | | 15. | Commission received | Day 41 |
Costs: For guidance purposes, as costs vary from lender to lender: Cost | Amount | Payable | | Broker fees | 800 | Up front (refundable) | | Application / bank fees | 200 | Up front | | Valuation fee | 500 | Up front (refundable) | | Opening commissions | 1% of loan amount | On signing | | Registry / Notary fees | 0.25% of purchase price | On signing | | Agency of Service | 120 | Annually on signing date |
Currencies:
Cypriot Mortgages are available currently in Euros, GBP, US Dollars, Swiss Francs, Yen. If you have purchased a property in Cyprus then visit our Cyprus furniture packages provider for massive choice and quality
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