Cyprus Mortgages are becoming increasingly sophisticated
Since the Republic’s inclusion in the European Union, Cyprus mortgages in local or foreign currency have undergone major changes with increasingly modern and competitive services available.
In Cyprus, mortgages are a relatively new phenomenon
Historically, Cyprus mortgages did not exist as locals used to just borrow from their banks for loan purposes. However, with many British citizens lookin to buy property in Cyprus by financing through local lenders, Cypriot banks have realised they have been missing out and introduced new Cyprus mortgages facilities that were not previously available.
Since Cyprus' ascension to the European Union, it is becoming increasingly appropriate to consider financing a property purchase locally. With the ongoing rises in property prices, which are projected to continue unabated for some years to come, it has become necessary for the banks to come up with alternative schemes. |
Whatever your financial plans, search our online database here
|
Furthermore, regardless of whether or not a mortgage is necessary, there are potential advantages to financing your property with one of the new Cyprus mortgages and an increasing number of our clients actually prefer to purchase in this way as there are no early repayment penalties, thereby clients do not have to have all their money tied up.
So, if you are considering a local loan to finance your purchase, professional advice can prove invaluable. The vast number of options and variables in the mortgage market result in a choice which can be confusing and potentially costly.
As one of the leading property agencies on the island, we can provide a full overview of the products and services currently available in the Cyprus mortgages market.
Discounted and fixed rates, 15% deposits [with some developers], loans of up to 80%, flexible mortgage schemes, repayment periods of up to 35 years are only a few of the recent improvements made to the financial services market.
Longer repayment terms and reduced costs are not the only benefits.
For more details regarding the changing face of the Cyprus mortgage market and the available products and services, please contact us. Whether you are thinking of financing your property purchase from the UK or Cyprus, a close investigation of the mortgage markets can often pay large dividends.
Also, given the fact that, unlike certain other countries, Cyprus has never been involved in the nationalisation of any sector of the economy or in the exploitation of property owned by foreigners, therefore it is very safe to purchase a home in the Republic with or without a mortgage.
Click here to return to the main Information
about Cyprus page
|
Search
for Properties 
