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Building a Custom Home in Tala

Posted: 16 Oct 2016 18:45
by celadon
Having purchased a 500 sq metre plot of land several years ago, i am now in a position to start the process of building a custom made House/Villa. I would appreciate if any advice on the following:

1) Recommended developers who would and have built single custom made homes in the Tala area
2) Recommendation on the best way to finance the build , i have purchased the land out right but need to mortgage the build. Is it best to mortgage in the UK or Cyprus?

I have already an independent solicitor but any thoughts / ideas would be appreciated

Colin

Re: Building a Custom Home in Tala

Posted: 16 Oct 2016 19:46
by Nigel Howarth
Hi Colin

You'll need a building contractor (not a developer) - and I suggest you issue invitations to tender once you've finalised the design with your architect and have the Bills of Quantities.

To avoid currency fluctuations you should borrow in the currency you earn (presumably sterling).

Regards,

Re: Building a Custom Home in Tala

Posted: 17 Oct 2016 10:09
by Pantheman
A British bank will not lend you money to build in Cyprus as they cannot secure the property against it. If you have property for which you could get equity release then thats a way to go.

In Cyprus, lending criteria has become more strict and it would depend upon your age, nationality and income.

They would then secure the finished product against your loan.

HTH