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Homes > Cyprus
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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