Buying in Cyprus

Mortgage information


It is possible to borrow up to 75% of the mortgage valuation or purchase price (whichever is lower) when purchasing a new property or remortgaging an existing one for home improvements in Cyprus. If you are remortgaging for any other purpose, the lender will consider your application on a case-by-case basis.

The minimum loan SPF will undertake to arrange is £150,000; there is no maximum. Loans are available in all major currencies, with a maximum mortgage term of 15 years, available to individuals up to the age of 65.

All applications must be supported by proof of income, including your previous three months' payslips, six months' bank statements and a P60 or employer's reference. If you are self-employed, you must provide audited accounts for the past three years, plus business and personal bank statements for the preceding 12 and six months respectively.

Cypriot lenders won't take into account potential rental income from the property when calculating whether you can afford the mortgage repayments buy they will consider your existing liabilities, including mortgage/rent payments, personal and bank loans and maintenance payments together with your proposed Cypriot mortgage payments.

The total must not exceed 35% (this percentage can vary) of your net monthly income. Say, for example, your UK mortgage is £200 a month, your car loan £50 a month and the proposed Italian borrowing £250 per month, your gross monthly pay needs to be at least £1,500 or your mortgage will be rejected.

While SPF takes all reasonable steps to secure a mortgage on your overseas property as soon as possible, delays may occur due to the Cypriot legal and administration system.

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