Mortgages for buying a property in Cyprus

Choose a Country Andorra Australia Bulgaria Canada Caribbean Cyprus Czech Republic Florida France Greece Ireland Israel Italy Malta Monaco New Zealand Poland Portugal South Africa Spain Switzerland Turkey United States Others

If you are considering buying a property in Cyprus,  mortgages are available for the majority of Nationalities for either House Purchase or remortgage for Home Improvements and other purposes on a case-by-case basis. Currently covers Southern Cyprus residential property only.

Types of Cypriot Mortgage: Repayment  only.

Minimum Loan Amount: €30,000 - No Maximum, but must not exceed 80% of valuation or purchase price (whichever is the lower)

Proof of Income: There are no non-status/self-certification mortgage facilities available in Cyprus (although renting out your property is permitted). All Cypriot mortgages need to be supported by proof of income.

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.

In Cyprus, lenders will NOT take any proposed Rental Income from the property into account for Cypriot mortgage purposes.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed Cypriot mortgage payments must not exceed between 35% of your net monthly income or 45% of your gross monthly income – dependant on the final lending scheme.

Example (based on 35% of net monthly income): - Net joint monthly income £ 2,500 times 35% of that figure is £ 875 minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £575 for a proposed Cypriot Mortgage payment.

Example (based on 45% of gross monthly income):- Gross joint monthly income £ 2,500 times 45% of that figure is £ 1,125 minus existing monthly mortgage payment £ 300 – No other liabilities. This leaves a balance of £ 825 for a proposed Cypriot Mortgage payment.

Term: 40 years in Cypriot Pounds, 25 years in all other major Currencies - up to age 70.

Currency: Cyprus Pounds and all other Major Currencies, including Sterling, Euros, US Dollars, Swiss Francs & Yen.