Using a Cypriot mortgage broker
Using a mortgage to finance your property in Cyprus offers the same benefits as it does in your home country. Essentially, you get to enjoy the property and pay in stages. It’s a common route for investors as mortgages can help you leverage your assets and make your money work harder.
Bear in mind that you will hear the phrase “housing loan” more than mortgage in Cyprus.
As an international buyer, using a specialist broker is essential. Here, we outline how to find one, how to choose the right expert for you and what you will pay.
Can non-EU citizens get a mortgage in Cyprus?
Yes, there are non-resident mortgages/housing loans available. Non-residents will typically need to pay a higher deposit, however, generally up to 40%. They will also need to factor in buying costs of up to 10% of the purchase price.
The property must be for you to live in, not a buy-to-let, and unmarried couples cannot have a joint mortgage.
The role of a Cyprus mortgage broker
Mortgage brokers act as intermediaries between the property buyer and potential lender. They can often access more potential lenders than you can as an international buyer, therefore their connections can help broaden your horizons.
A mortgage broker can be an invaluable asset. They will have a comprehensive understanding of the market and are familiar with the requirements potential lenders ask of foreign buyers and can therefore advise you throughout the process.
Finding a mortgage broker in Cyprus
Start by seeking recommendations from other expatriates or professionals within the real estate industry.
Online forums and expat communities can also be a good resource for reviews and experiences.
Our trusted partners at Your Overseas Home may be able to recommend a few. Why not enquire today?
Once you find a broker, it’s important to do your own due diligence and check they are licensed with the Cyprus Securities and Exchange Commission (CySEC) and have a good track record.
Selecting the best broker for your needs
Look for a Cyprus mortgage broker who has experience with the specific needs of foreign buyers. Language is rarely a barrier in Cyprus as almost everyone speaks English, but your broker should understand international credit rules. A good broker should offer transparent communication, explain all the available mortgage options available to you and provide a clear breakdown of all the costs involved.
Broker fees and services
Understanding the fees and services provided by your mortgage broker is essential. Brokers in Cyprus typically charge a commission based on the mortgage amount, but this can vary. Some may offer additional services like property valuation, legal advice or assistance with paperwork. Clarify all fees and services upfront to avoid any surprises.