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If you require finance to purchase a property in Greece, then Justcredit.biz can help, we are giving you the opportunity to take expert advice from an experienced team of licensed credit brokers, who have over 40 years experience. By using the Greek property as security a repayment mortgage could be raised depending on your circumstances.
Based upon the valuation or purchase price of your property (whichever is lower), you can borrow up to 80% of the value for purchase (or re-mortgage of an existing property for the purpose of home improvement). A loan for any other reason will be dealt with case by case.
Current interest rates as at 5 th July 2003 are from approx 5.50% Variable (please note for this scheme, that the Interest Rate is fixed at 4.00% for the first year). For loans over € 100,000, a straight Variable Rate scheme is available at approx 4.00%, with no initial Fixed Rate.
The minimum you can borrow is £20,000 the maximum repayment period is 40 years, and applications will be considered for individuals up to the age of 70. Current interest rates as at 5 th July 2003 are from
The loan is only available in Euros.
The example below is based upon a repayment mortgage in Euros, and does not take into consideration the cost of a mortgage protection plan.
Repayment mortgage of approx € 72,500 over a period of 40 years at a Fixed Rate of 4.00% for the first year and then approx 4.00%
Variable thereafter = approx € 429.20 capital & interest per month for the first year and then approx € 506.05 capital & interest per month
Thereafter = a total approximate amount payable over a term of € 123,430 including capital, interest, arrangement and survey fees.
The income criteria is variable
Bank Reference and Employers or Accountants reference if self-employed
Existing borrowing in the UK and Overseas will be taken into account |
Written quotations are available on request.
How much can I borrow & what proof of income is required?
There are no non-status/ self-certification mortgage facilities available in Greece, however renting out your property is permitted, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last three months payslips, P60/employers reference and your last 6 months Personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.
Greek Lenders will not take into account any proposed rental income from the property that you wish to buy.
Your loan will be based on your personal (or joint) 'net' pay, and is calculated on an affordability basis. For you to be considered by the lenders in Greece you total out-goings must not exceed 35% of your net monthly income.
A simple example; If your total net monthly income is £1,000, your total out-goings must not exceed £350, you must have £650 per month to be put towards the mortgage repayments to be considered.
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