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Non resident property loan
Posted: 03 Jun 2021 06:56
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
Re: Non resident property loan
Posted: 03 Jun 2021 08:34
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,
Re: Non resident property loan
Posted: 03 Jun 2021 08:57
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.
Re: Non resident property loan
Posted: 30 Jun 2021 11:20
by Nigel Howarth
Thanks Pan
Let's hope it's only the BoC.
Cheers,