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Mortgages in Cyprus
Find out what you need to know to get a mortgage in Cyprus.
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Author: Pete Mugleston - Mortgage Advisor, MD
Buying a property worth a minimum of €300,000 in Cyprus allows you to get a permanent residency permit and, after five years, become a citizen. It’s a popular way for foreigners to get EU citizenship.
Of course, that’s not the only reason to buy a property in Cyprus, a country that has hot summers, mild winters, delicious food, and stunning scenery. Whatever your reason for buying in Cyprus, we’ll explain what you need to know about getting an overseas mortgage.
Can UK residents get a mortgage in Cyprus?
Yes. If you’re a UK resident who is planning to move to Cyprus, or if you’ve already relocated but have lived there for less than five years, you can get a non-resident housing loan (note that the term ‘housing loan’ is more widely used than ‘mortgage’ in Cyprus).
It’s also possible to get a housing loan for a second home (e.g. a holiday home) without moving to Cyprus, if you meet the affordability requirements. You can’t usually get a housing loan for an investment property (e.g. a holiday let) if you’re not a permanent resident.
Non-EU citizens (including British citizens) will need to get a permit to buy property before applying for a mortgage. This is a new requirement since Brexit. The permit is required to buy an apartment, a house, or a plot of land.
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0808 189 2301 Rules, deposits, and lending criteria
Mortgage rules in Cyprus are similar to many other parts of Europe, but with some specific additions:
- Your mortgage term can be between 10 and 40 years, depending on your age
- The maximum age (at the end of the mortgage term) is 65
- Non-residents will typically need a deposit of 30-40%, while residents will need 10-30%
- You’ll need proof of a stable income
- You should be planning to live in the property you’re buying
- You won’t be allowed to use the property for commercial purposes (e.g. a holiday let)
- Unmarried couples cannot have a joint mortgage
- Variable rates and fixed rates are both available. Fixed rates usually last for longer periods than in the UK, e.g. 5 or 10 years.
How much could you borrow?
There is a rule in Cyprus that your monthly mortgage repayments can be no more than one-third of your overall monthly income (or combined monthly income in the case of joint applications). This will be the main limiting factor on how much you can borrow.
You can use our calculator below to see how this may work out for you by simply inputting some information about the property you’re looking to buy. Once the repayment is calculated you can check that amount versus your monthly income to see if it is below the required parameter.
Mortgage Repayment Calculator
Our mortgage repayment calculator can tell you how much your mortgage will cost you each month and overall. Enter the amount you’re borrowing, the term length and interest rate, and our calculator will do the rest.
Monthly Repayments:
Total amount paid at end of term:
Get started with an expert broker to find out how much they could help you save on your mortgage repayments.
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How to get a mortgage in Cyprus
Be prepared that the process of getting a mortgage in Cyprus can be more time-consuming than in the UK and it favours citizens over non-citizens. It will be easiest if you follow the three steps below.
Get a permit to buy property
You’ll need to submit an application to the Council of Ministers for your permit to buy property. These are almost always granted, and are seen by many as a formality, but you’ll need to have it in place before you move forward.
Speak to a Cyprus mortgage specialist
It can be difficult to find a lender who offers housing loans to foreigners for properties in Cyprus, and you’ll find it much easier if you work with a broker. It can also be reassuring to work with someone who is based in the UK but who has previous experience of mortgage applications in Cyprus, so they can guide you through it. To speak to a broker today, contact us.
Prepare the necessary documents
Non-residents will need an extensive list of documents for their housing loan application, and these will need to be translated and certified. So, it makes sense to prepare these in advance, for all applicants. Your broker can help ensure everything is in order. You’ll need:
- Passport and certified copies
- Permit to buy property
- Contract of sale
- Developer guarantee (for new-build properties)
- Property valuation
- Income statements, e.g. payslips
- A copy of your (clean) criminal record
- Copies of ownership documents for property, vehicles, and other valuables
- Tax returns for the past three years
- A letter of recommendation from your bank
- Bank statements for the past three years
- Explanation for significant movement of funds in and out of all accounts for the past three years
Which lenders offer mortgages for properties in Cyprus?
Options are limited, as there are only a few major banks in Cyprus, including the Bank of Cyprus, Hellenic Bank, and AstroBank. Housing loans may also be available from other lenders, such as credit unions.
Your options may be further limited depending on whether you’re planning to buy in either North or South Cyprus (both regions have been deemed separate administrative territories since 1974), with the presence of international banks restricted in Northern Cyprus.
The low availability of mortgages makes it difficult to find one without expert help. A broker will tell you what your options are, as well as helping you to prove you’re a low-risk borrower (since lenders automatically see foreign buyers as higher risk).
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Typical interest rates
Cyprus tends to have lower mortgage rates than the UK, though rates for non-residents may be 1-1.5% higher than for residents. Your rate will depend on the duration of the loan, the loan amount, and the size of your deposit.
Can you get a buy-to-let mortgage in Cyprus?
No, buy-to-let mortgages are not available to non-residents. You will usually need to declare as part of your mortgage application that the property won’t be used for any commercial purposes.
Speak to an expert about Cyprus mortgages
When you’re buying abroad, there’s always a slightly increased risk that you’ll be exposed to property scams or unscrupulous dealings. Unfortunately, there have been instances of mortgage broker fraud in recent years. So, you’ll want a good, English-speaking solicitor on your side and an excellent international broker.
We work with numerous brokers who have international experience in Cyprus. If you’d like us to match you with someone based on this requirement, get in touch by calling 0808 189 2301 or fill out this form.