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:: Financial News

Cyprus

At 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 principleInstant
2.Final licencesDay 1
3.Property registration detailsDay 1
4.Application (receipt of documents)Day 1
5.Power of attorneyDay 1
6.Confirmation of approval in principleDay 3
7.ValuationDay 6
8.Formal offerDay 10
9.Arrange signingDay 15
10.SigningDay 20
11.Transfer of deeds5 Years
12.Payment to developerDay 20
13.Agency of service

Day 20

14.First mortgage paymentDay 21
15.Commission receivedDay 41

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost

Amount

Payable

Broker fees800Up front (refundable)
Application / bank fees200Up front
Valuation fee500Up front (refundable)
Opening commissions1% of loan amountOn signing
Registry / Notary fees0.25% of purchase priceOn signing
Agency of Service120Annually on signing date

Currencies:
Cypriot Mortgages are available currently in Euros, GBP, US Dollars, Swiss Francs, Yen.

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