In Greece, most properties are bought in cash. However, it is possible to secure a Greek mortgage as an overseas buyer. With the right preparation and expert support, you can finance your dream home and take confident steps towards owning that dream home.
While cash is king in the Greek market, international buyers can still secure a mortgage to finance their home, renovation or construction project. The process is slightly more complex than back home, but with the right help and advice, it’s absolutely achievable.
In this guide, we break down how much you can borrow to buy a home in Greece, how to apply for a Greek mortgage and the alternatives worth considering if a local mortgage doesn’t suit your needs.
Can overseas buyers get a mortgage in Greece? Yes, non-residents can get a mortgage in Greece, provided they meet the bank’s affordability criteria. Lenders typically offer 65–70% loan to value, meaning a deposit of 35% plus fees. Criteria differ significantly from the UK, using affordability rather than income multiples, and mortgages must usually finish by age 75. Rates and terms vary by lender and personal circumstances.
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Contents
How much can overseas buyers borrow for a mortgage in Greece?
If you’re a non-resident buyer, most Greek banks will lend up to 65% of the property’s commercial value. For Greek or Cypriot citizens, this can increase to around 70%. Loans for construction or renovation may stretch slightly higher, but will depend on individual circumstances.
| Buyer type | Loan-to-value ratio | Maximum term |
|---|---|---|
| Non-resident | Up to 65–70% | 15–35 years, depending on the bank |
| Greek/Cypriot citizen | Up to 70% | Up to 30 years |
Maximum term depends on the bank and, for some lenders, on whether you live in the EU or outside it – so it’s worth comparing more than one lender. Whatever the headline term, the loan must still be repaid by age 75.
Mortgage rates and terms
Loan amounts start from as little as €10,000. Most Greek mortgages offer variable rates that track the market, though it’s possible to combine a fixed-rate term at the start followed by a floating-rate period. For overseas buyers, maximum loan terms vary significantly by bank – from around 15 years at some lenders to as long as 35 years at others, often depending on your country of residence. Whatever the term, the loan must be fully repaid by the time the youngest applicant turns 75.
Eligibility and required documents
Alpha Bank sets a minimum age of 18 to apply, and most major banks require the loan to be fully repaid by the time the youngest applicant turns 75. You’ll also need a Greek bank account and a local tax number (AFM). Here’s what you should prepare:
- Tax returns for the past two years
- Six months of income proof (e.g. payslips)
- Bank statements for the previous year
- Details of any existing loans
- A certified list of your assets and liabilities
- Copy of your passport
“It’s easy enough for a non-resident to get a mortgage as long as they meet the criteria set by the banks.”
– Mark Nichols, Viva Costa International
The application process
The mortgage process in Greece follows these steps:
- Consult a broker who understands mortgages for international buyers
- Gather and submit all required documents
- Get pre-approved to understand your budget
- Start your property search
- Arrange a property valuation by the bank
- Submit your final mortgage application
“People just automatically assume because we were in the EU that the EU mortgage market is like the UK – and it’s not. It’s very different… doing a mortgage in the EU is like doing a mortgage back in 1985. There’s a lot more paperwork and it’s a lot more manual.”
– Mark Nichols, Viva Costa International
Finding a Greek mortgage broker
Some major Greek banks such as Eurobank, Piraeus Bank and Alpha Bank offer mortgages to overseas buyers. That said, many buyers find it smoother to work with a broker who specialises in non-residents. A good broker will assess your financial situation and match you with the right lender and product. Make sure your broker is accredited, and seek personal recommendations where possible.
Why mortgages are rare in Greece
Mortgages aren’t common in the Greek property market – by some estimates, over 75% of property purchases are made in cash. This applies to both local and international buyers, with many choosing to avoid the lengthy mortgage process.
Alternatives to a Greek mortgage
If you’re based in the UK, you might be able to fund your Greek property without using a local mortgage. Options include:
- Pension drawdown: If you have a defined contribution pension, you can withdraw up to 25% tax-free from age 55. This can provide a substantial deposit or cover the full property price.
- Lifetime mortgage: UK homeowners aged 55+ may be able to release equity from their UK home. This tax-free sum can be used for overseas purchases, with repayment deferred until death or long-term care.
Before pursuing these options, seek independent financial advice to ensure long-term affordability and tax compliance in both countries.
Frequently asked questions
Yes. A number of Greek banks offer mortgages to non-residents, although criteria are stricter than you may be used to. You’ll need a Greek tax number (AFM), a local bank account and clear proof of income and affordability. Expect the lender to value the property and to ask for translated or notarised documents. Timelines can be slower than in the UK, so build in extra time and work with an experienced broker who deals with overseas buyers.
Plan for a larger deposit than in the UK. Non-resident mortgages typically cap loan-to-value at around two-thirds of the property’s value, so you’ll often need roughly a one-third cash deposit. You’ll also need funds for purchase costs and fees on top. A broker can confirm the exact amount based on your profile and the lender’s current policy.
Mortgage costs in Greece vary depending on the bank and the type of product you choose. As a guide, Alpha Bank’s published example starts at 2.70% fixed for the first year before moving to a floating rate (currently around 4%), with an APRC of 4.46% once fees and the Greek state levy are included. Eurobank’s non-resident mortgage starts at 2.90% fixed for three years before switching to floating. Each lender sets its own terms, so the exact figure will depend on your financial profile, the size of the loan and the repayment period. Floating rates track the Euribor benchmark plus the bank’s own spread, so they move as Euribor does. Always request a full cost breakdown, including arrangement fees and insurance, to understand the long-term affordability.
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