Non resident property loan

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CaroCaro
Posts: 1
Joined: 03 Jun 2021 06:48

Non resident property loan

Post by CaroCaro »

Hi,

We are British resident in Dubai & are looking to purchase a property in Paphos. We would like to partially finance the property though a loan/mortgage. Property value 230-300k with a deposit of no more than 50%

We do not have a UK property to 'release capital/remortgage'.

Do we only have an option to buy a property in cash or can we get a mortgage?
Thanks in advance,

Caro
Nigel Howarth
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Re: Non resident property loan

Post by Nigel Howarth »

Hi Caro and welcome to the forum.

I'm afraid Brexit has scuppered your chances of getting a loan from a Cypriot bank to help fund the purchase of a property.

I published an article in January - Buying property in Cyprus and visiting post Brexit. All the money to purchase a property must come from abroad.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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Pantheman
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Re: Non resident property loan

Post by Pantheman »

Nigel Howarth wrote: 03 Jun 2021 08:34 Hi Caro and welcome to the forum.

I'm afraid Brexit has scuppered your chances of getting a loan from a Cypriot bank to help fund the purchase of a property.

I published an article in January - Buying property in Cyprus and visiting post Brexit. All the money to purchase a property must come from abroad.

Regards,
Nigel,

the non mortgage policy I believe is specifically from BoC. I understand that Hellenic bank and Astro bank will give, especially if you have a 50% deposit. You only issue will be residency due to Brexit, you have to fulfil certain criteria for permanent stay.

Of course any loan would also be subject to your incomes.
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Nigel Howarth
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Posts: 2647
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Non resident property loan

Post by Nigel Howarth »

Thanks Pan

Let's hope it's only the BoC.

Cheers,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
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