Mortgage Finance in Cyprus
Most commercial banks in Cyprus are authorised to offer housing loan facilities (mortgages) to assist potential buyers in the purchase of a property. Ridgeway Carke, taking advantage of its strong business relationships with the majority of local banks in Cyprus and also in an attempt to reduce client financial costs and speed up the application process, has negotiated special finance schemes which are offered to all Ridgeway Clarke clients.
For a housing loan in Euros, the maximum repayment period can be up to 25 years. In both cases, the age of the Applicant plus the term of the mortgage cannot exceed the age of 70. The maximum amount borrowed can be up to 70% of the value of the property to be purchased. The mortgage is to be repaid by monthly or quarterly installments.
For the majority of its projects Ridgeway Clarke has negotiated finance schemes with the local banks in Cyprus with the following security requirements, resulting in substantially lower costs for Ridgeway Clarke clients:
- Assignment of the Purchaser’s rights deriving from the Contract of Sale in favour of the bank.
- A corporate guarantee is provided by Ridgeway Clarke to the bank as a security for the clients’ loans.
- Part mortgage of the land where the project has been built.
Documents/Information required by the bank
- Customer’s profile (Personal details including occupation and duration of your employment contract, if any, with current employers).
- Passport copies (the page with the photograph and personal information).
- Statement of existing debt (if any).
- A reference letter from the bank you maintain an account with.
- Completion of the ‘Declaration of Personal Income’ form.
- Evidence of income – either a pay slip or confirmation of remuneration from your employer, a P60 end of year tax certificate or copies of business accounts.
- Purchase Agreement.
- Copies of bank statements from the last three months.
- Copies of payments already made by the Applicant for the property.
- Instructions to open and activate an account with the bank.