Purchasing a property in Cyprus with a mortgage

paphosfinder.com	Purchasing a property in Cyprus with a mortgage
Home \| Properties for sale \| Long term rent \| Mid-term rent \| Holiday lets \| Find property \| Site map \| Photos

You are here > Home > Living in Cyprus > Purchasing a property in Cyprus with a mortgage

Guidance notes for purchasing a property in Cyprus with a mortgage

See how Paphosfinder can help you to secure mortgage

1) Please ensure that you will have full title to the property on completion and that the appropriate documents are available for the lender.

2) With new properties, find out the date the property will be registered in your name(s), as the lender cannot lend on the security of the property until it has been registered.

3) Whilst all reasonable steps will be taken to secure the loan on your overseas property as soon as possible, delays may occur due to the Cypriot legal and administration system.

4) Check with the estate agent/lawyer that you are aware of the costs charged by the legal & government authorities for purchasing a property in Cyprus, noting that the lender will have their own legal costs for assigning the loan (the cost of which they will normally advise when they issue the mortgage offer).

5) It is essential that you take the appropriate independent legal advice before signing the sales contract or paying a deposit, if purchasing a foreign property, as would be expected if you were purchasing in your own country- The bank will require a copy of this document to be forwarded with the relevant application form. However you are able to sign this contract with the clause "subject to mortgage finance" as the contract, once signed is legally binding.

6) Please be aware that the Lawyer/Notary may be incorporating within his charges, costs for assigning the mortgage and you should establish with the lawyer/Notary the actual cost before proceeding with a loan application.

7) It is advisable to arrange your mortgage finance before agreeing to purchase a property.

8) A Cypriot bank account will be required.

9) All mortgages have to have a suitable life assurance policy assigned to the lender.

10) Properties can be purchased either individually or in joint names.

Contact Us
All rights reserved. Copyright © 2001-2008 by Paphosfinder.com 34 Miltiadi Stylianou Avenue, Tala Village, 8577, Paphos (Pafos), Cyprus Tel: (00 357) 26 654 108 Mobile: (00 357) 99 380 218 Fax: (00 357) 26 815 321