52 | SOUTHERN CYPRUS
MORTGAGES
www.opp.org.uk | JULY & AUGUST 2012
Southern Cyprus? Sold
Reports of sales volumes and housing prices falling have been reaching us from Cyprus in the last few months – but property in the country is still much-desired by many groups. If you’re going to buy in Southern Cyprus, one thing you must know about is mortgages. Liz Syms of Connect Overseas reports:
What is the lending criteria? This depends on the individual mortgage provider, however typical lender requirements for Southern Cyprus Mortgages can be found below:
Affordabilty requirements: The cost of the applicant’s existing liabilities and new mortgage should not exceed 35%-45% of their gross income.
Employment History: Minimum six months required. Self Employed History: Minimum 12 months required. Regions accepted: Southern Cyprus only. Property types accepted: Freehold properties only.
Applicants accepted: Individuals and local companies only. All nationalties considered except those affected by international sanctions. Further information
Currency options for mortgage payments: Euros only.
Some lenders will require you to open up a bank account with them in order to make the mortgage payments. Securing a mortgage offer can typically take between six to eight weeks.
Editor’s note:
This guide was produced on DATE:19/06/2012 The mortgage market changes all the time.
For up to date information, see
www.opp-connect.com/infozone/mortgages
What evidence does a buyer need to provide?
This depends on the individual mortgage provider, however typical lender requirements for Southern Cyprus Mortgages can be found below: • Copy of passport • Copies of two utility bill • Copy of birth certificate
• Copy of last 3 months’ payslips and last year’s P60 or a copy of the last two years’ accounts and last two years’ tax returns
• Copy of last 3-6 months’ bank statements • Copy of loan statements for last 12 months • Evidence of deposit used to buy the property • Copy of full credit report • Copy last year’s mortgage statement on all properties owned • Copy of tenancy agreements for buy to let properties • Copy of sales contract • Copy of title deed or bank guarantee from the developer
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