Securing finance for your property purchase in Cyprus can be a streamlined and effective process, similar to what you would find in your home country. By opting for a mortgage, you can enjoy your new property while paying for it in manageable instalments. This approach is particularly appealing for investors, as mortgages can allow you to maximise your assets and enhance your financial leverage.
In Cyprus, you will often hear the term “housing loan” used interchangeably with mortgage.
For international buyers, partnering with a knowledgeable mortgage broker is crucial. In this article, we will cover how to find a suitable broker, tips on choosing the right professional, and an overview of potential costs.
Contents
- Can non-EU citizens get a mortgage in Cyprus?
- The role of a Cyprus mortgage broker
- Finding a mortgage broker in Cyprus
- Selecting the best broker for your needs
- Broker fees and services
A luxury apartment could be withing your grasp
Can non-EU citizens get a mortgage in Cyprus?
Yes, non-residents can indeed obtain mortgages or housing loans in Cyprus. However, it is important to note that non-residents typically face higher deposit requirements, generally up to 40% of the property’s value. Additionally, you should consider buying expenses, which can reach up to 10% of the purchase price.
The property financed through a housing loan must be intended for personal use, not for rental purposes. Also, joint mortgages for unmarried couples are typically not permitted.
The role of a Cyprus mortgage broker
Mortgage brokers serve as intermediaries between buyers and potential lenders. Their extensive network often grants access to a broader range of lending options than you might find by yourself, particularly as an international purchaser. A skilled mortgage broker is particularly valuable; they possess a deep understanding of the local market as well as the specific requirements that lenders may impose on foreign buyers. Their expertise can provide guidance and support throughout the entire mortgage application process.
Finding a mortgage broker in Cyprus
When looking for a mortgage broker, begin by seeking recommendations from fellow expatriates or professionals in the real estate sector. Online forums and expat communities can offer insights and reviews based on personal experiences.
Your Overseas Home, our trusted partner, may also have useful broker recommendations; feel free to reach out for assistance. Once you find a broker, conduct your own research to ensure they are licensed by the Cyprus Securities and Exchange Commission (CySEC) and have a reliable track record.
Selecting the best broker for your needs
When choosing a mortgage broker in Cyprus, prioritise those with experience catering to the unique needs of foreign buyers. While language barriers are generally minimal as English is widely spoken, your broker should be knowledgeable about international credit systems. A competent broker will facilitate transparent communication, clearly present mortgage options available, and provide detailed breakdowns of all associated costs.
Broker fees and services
Understanding the fees and range of services provided by your mortgage broker is key. Generally, brokers in Cyprus charge a commission based on the loan amount, but this can vary. Some brokers may offer supplementary services such as property valuations, legal counselling, or aid with paperwork. It’s essential to clarify and discuss all fees and services at the outset to avoid unwelcome surprises later on.
If you want more detail on every step of the buying journey, make sure you download our free Cyprus buying guide.
In summary, collaborating with a mortgage broker can significantly ease your property investment journey in Cyprus, ensuring you navigate the complexities smoothly while maximising your resources.
