Mortgages in Cyprus

Since the Republic's accession to full European Union membership, Cypriot mortgage lenders have come to offer increasingly sophisticated packages to both local and foreign home buyers.

Cypriot lenders offer property loans based on a percentage of a home's value, and with repayment terms of up to forty years.
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Both Residential and Commercial mortgages are available to all EU and most Non-EU Citizens, with the option of purchasing a property as an individual or via a Cyprus registered company.

Applications are assessed on disposable income basis and a successful valuation of the property.

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Mortgage products

Lenders offer Fixed Rate and Tracker mortgages alongside the normal Variable Rate products. 
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​They will generally need a copy of a valid passport, proof of your address, payslips if you are employed, accounts if you are self employed, personal bank statements etc.

The documentation and information required to complete an application will vary depending on the lender.
 
When applying for a mortgage, it is compulsory to have at least Building Insurance and some lenders insist on Life Cover to at least cover the loan amount. 

Buying to Let. WARNING

Predictions about mortgage costs, property expenses, running overheads, and rental returns are often over optimistic. 
 
For example, you can certainly still furnish a one bedroom apartment nicely enough for a relatively low outlay,  but if you are renting out to short term holidaymakers, your furniture  may not last as long as you would like.

If you are looking at holiday lets for your property you also need to consider the length of the rental ‘season’ for the area. In some cases that is 6 months at most.