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FAQS

Find below a list of common questions we are asked.

Q: What advice do have about buying in the North ?
A:
Cyprus villa row hits Britons who `could lose everything` Thousands of UK citizens could see their dream holiday homes disappear in a landmark ruling Helena Smith, northern Cyprus Sunday February 20, 2005 The Observer When Linda and David Orams built their ornate home among the Cypriot olive groves, they envisioned a long, sun-drenched retirement. Now they have been ordered to demolish their villa in the island`s breakaway north in a landmark case which could lead to thousands more UK citizens losing their holiday homes. For full acrticle make enquiry below.

Q: Can you get a mortgage overseas ?
A:
The principle of an overseas mortgage is very similar to that of the UK. Money is lent to an individual to purchase a property, and the bank protect their lending is by taking a legal charge over the property. This ensures that if the borrower does not meet the payments on their mortgage, the lender can repossess the property. The lender could repossess a property in the UK in as little as 3 months. Many Overseas lenders however do not have the benefit of such a tight legal system, and although repossession is possible it is complicated and lengthy. It is for this reason that they place a very high level of importance on the calibre of the applicant. At present you can only borrow from a Cyprus Bank to purchase property in Cyprus.

Q: What is the maximum you can borrow on a property in Cyprus ?
A:
Based on the valuation or purchase price (whichever is lower) of your Cypriot property, it is possible for you to take a loan for up to 70% of its value in all major currencies, for the purpose of purchasing a new property or re-mortgaging an existing one for home improvements (a re-mortgage for any other purpose will be looked into on a case by case basis).

Q: What are payment terms ?
A:
The minimum loan that will be considered is 20,000 and the maximum is CYP 150,000 over a repayment period of no more than 30 years. This is available to individuals up to the age of 65. The mortgage must finish before 70th birthday.

Q: How much can I borrow & what proof of income is required? ?
A:
There are no non-status/ self-certification mortgage facilities available in Cyprus, however renting out your property is permitted, therefore all loans need to be supported by a minimum of, proof of income. If you are employed, you will need to produce, your last three months payslips, P60/employers reference and your last 6 months Personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with you last 12 months business, and 6 months personal bank statements.

Q: What calculations do they make to decide if you qualify? ?
A:
The Lenders in Cyprus will not take into account any proposed rental income from the property that you wish to buy. Your loan will be based on your personal (or joint) `net` pay, and is calculated on an affordability basis. For you to be considered by the lenders in Cyprus you total out-goings must not exceed 35% of your net monthly income. A simple example; If your total net monthly income is 1,000, your total out-goings must not exceed 350, you must have 650 per month to be put towards the mortgage repayments to be considered.

Q: Can Cyprus Ideal help with mortgages in Cyprus? ?
A:
YES. We have developed a link with a UK based company which specialises in mortgages overseas. Please use link below to find out more.

Q: What VAT is added to property ?
A:
From the 1st of May 2004, 15% VAT has been added to all new build properties. It should be noted that VAT is only chargeable on \"value added\" to any given piece of land, (i.e. buildings, structures, pools, etc) not in fact the land itself. Properties, which received planning permission prior to May 1st 2004, are exempt from VAT.