It is important to have your finances in place or agreed in principle. Our associates in Cyprus offer independent financial advice and will assist or advise you of all the options available.
Various finance options are available:
- Cash purchase
- Cash from equity release or a re-mortgage of U.K. property
- Part cash with the balance on a mortgage.
Costing guide for purchase.
- Reservation fee CY£2,000
- 30% of purchase price within 4 weeks
- Stage payments as agreed at contract
- Final payment on completion
Mortgages are available in Cyprus. 70% mortgages are now available in any currency, however getting a mortgage in CY£ can be expensive so you should compare this rate with the Euro and sterling rate to see which offers the best deal. Euro mortgages have only been available in Cyprus since February 2005 and often offer the best value for money.
Documents required for a mortgage application
- *Copy of last P60
- *3 months salary slips
- *3 months bank statements
- *If you are self employed you will need to show statements of accounts for the last 3 years.
The rate of exchange can vary enormously and can make a huge difference to the amount you eventually pay, it is therefore advisable to use a corporate currency broker who specialise in this area. Through these specialised companies there are a number of options available to you, one of which is the forward purchase scheme, which guarantees rates for up to 2 years (ideal if you are purchasing a new build property).
Currency and exchange rates
Use online currency converters and exchange technologies.