Cyprus

Do I qualify for a Cypriot mortgage?

To qualify for a mortgage in Cyprus, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you complete the application form, and Mortgage Helpline International won’t charge you for this service.

How much can I borrow?

Calculation based on the valuation or purchase price, whichever is the lower
Up to 70% LTV available for house purchase, remortgage, home improvements or construction.
Based on joint monthly gross pay, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Cypriot mortgage payments. All this must not exceed 35% of your monthly net income, or 45% of gross monthly income, dependant on the final lending scheme.

What evidence of income do I need?

If you are employed:
Your original last three month’s payslips
Your latest original P60 or Employers Reference
Your original last six month’s personal bank statements

If you are self-employed:
Your last 2 – 3 year’s audited accounts or possibly by accountant’s letter and personal tax returns
Your original last 6 month’s business statements
Your original last six month’s personal bank statements

Example mortgage payments
If, for example, your net joint monthly income is £2,500, 35% of this equates to £875. If your only liability is your mortgage payment, of say £300, this would leave a balance of £575 for your Cypriot mortgage repayment

If the loan is based on a gross monthly income of £2,500, 45% of this equates to £1125. If your only liability is your mortgage payment, of say £300, this would leave a balance of £825 for your Cypriot mortgage repayment.

What types of Cypriot mortgages are available?

For our latest rates and to see the different types of Cypriot mortgages on offer, please contact us.
Currently covers Southern Cyprus only
Loans available to 70% of the property’s value or purchase price, whichever is lower.
The maximum term of any mortgage is 40 years.
Repayment and Interest Only mortgages are available.
The minimum loan you can take out is £100,000