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
Non resident property loan
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Re: Non resident property loan
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,
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
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: Non resident property loan
Nigel,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,
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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FSB Properties Ltd
Registered and Licensed Real Estate Company. Reg. No. 1145, Lic. No. 572/E
Member of ETEK Registration No. A201999
https://www.fsbproperties.com
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- Site Admin
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Re: Non resident property loan
Thanks Pan
Let's hope it's only the BoC.
Cheers,
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
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news