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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 9th September 2020*

How can I get a mortgage in Cyprus?

We often get asked how you can get a mortgage for a property abroad and in particular, how easy it is to get a mortgage in Cyprus? The good news is, it is possible to get a mortgage for a property overseas including a mortgage in Cyprus, but there are considerations and associated risks that you should know about.

Fortunately, we work with mortgage advisors who are experts in this area and can offer the right advice.

In this article, we’ll explain:

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How to get a Cyprus mortgage?

Getting a mortgage in Cyprus for non-Cypriot residents is more complicated than buying locally as there are more risks. First you need to get an international broker who will help you find the best mortgage for overseas property in Cyprus.

The advisors we work with are experts in this area, contact us today for the right advice.

Then once you have chosen your property and the mortgage has been approved, just as you would require a solicitor to buy a property in the UK, you’ll need to appoint one in Cyprus to undertake the relevant paperwork, including drawing up a contract.

Your solicitor should be fluent in English and the local language so there is no miscommunication. If you prefer to use a firm from home check they are registered with the Law Society in the UK and are specialists in international transactions.

You will be required to put down a deposit of around 30% which you can check against a Cyprus mortgage calculator.

Once final contracts are signed the property will then need to be registered with the Land Registry in Cyprus, again your solicitor will do this. Afterwards you’ll be required to pay the relevant fees and taxes which are explained below.

Tax considerations

Just as you are required to pay fees when you purchase a property at home, there are taxes that you will need to pay when you buy a property in Cyprus.

These include stamp duty, transfer fees paid to the Cypriot government, an annual municipality tax paid to the local authority, an annual sewerage tax and immovable property tax (IPT).

Stamp duty and transfer fees are dependent on the value of the property and could amount to around 10% of the overall sale price on top of your solicitor and surveyor fees. To get an accurate figure of what your overall fees could be, speak to a tax expert.

Why you need one of the expert international brokers we work with

If you’re a non-resident it’s hard to find out what mortgage rates in Cyprus are available.

An international broker will advise you on the right Cyprus mortgage rates from a local lender, taking into consideration your deposit and the length of mortgage you’re looking for, type of property (including unique properties) and your age.

They will also  know about local laws so they are best placed to find you cheaper deals for a mortgage to buy property in Cyprus.

Difference between north Cyprus mortgages and south Cyprus

Getting a mortgage in north Cyprus may have greater risks as there are different political landscapes in north and south Cyprus which will impact on your mortgage.

North Cyprus is considered by the British government to be unstable and for this reason British banks will not give mortgages in north Cyprus. If you’re keen on getting a mortgage in northern Cyprus however you can obtain a north Cyprus mortgage from a bank in Cyprus as well as south Cyprus mortgages. Alternatively you can take out a UK mortgage for Cyprus property or look into euro mortgages.


Right on the southern tip of the island near the town of Limassol is the active Royal Air Force base RAF Akrotiri. If you buy a property or are looking to buy a property in this area then you might find yourself subject to the same noise pollution you can expect from living near any airport which may reduce the value of your property.

What are the risks involved?

Purchasing in any foreign territory comes with potential risks, and here are the ones you should be aware of it you are considering buying a home in Cyprus…


Buying abroad in any country is affected by fluctuations in currency. Exchange rates are liable to change which will impact on the interest rates that affect your mortgage. Your lender should inform you if exchange rates fluctuate more than 20%.

If your mortgage is with a bank in Cyprus, you will not get the same legal protection you would get from a UK bank. You can get a mortgage from a UK bank but the downside is that they won’t be aware of the local market so may not be able to recommend the best mortgage solution.

This is where the expert advisors we work with come in, they will do their best to get the best deal based on your circumstances.


If you intend to build on the land you must find out what planning permission and permits are required. It can be difficult to find title deeds and relevant certificates when you’re dealing with authorities abroad.

You also need to check that there is no mortgage already assigned to the land.

Buy to let mortgages in Cyprus v holiday home mortgages in Cyprus

Non-residents are generally not granted buy to let mortgages in Cyprus. As part of the legal proceedings you will be asked to declare that your property will not be used for commercial purposes.

You must seek legal advice if you are interested in buy to let.

Buying property for a holiday home is allowed. If you’re an expat who is already living in Cyprus looking to buy a property you may find it easier to get a local mortgage with a bank you may already be banking with, which will reduce transaction fees.

How much deposit is required?

Your deposit will depend on the type of property and mortgage you take out as every lender offers different options.

You can find out more information about deposits in our affordability section or make an enquiry and we’ll refer you to one of our experts for the right advice.

Considerations if you have credit issues

Bad credit

Every lender is different but if you have bad credit you may still be able to find a mortgage lender who is willing to offer you a mortgage, your international broker can assist. For more information on this see our bad credit mortgages section.

Mortgage default

If you purchase a property and find yourself with mortgage problems in Cyprus or you experience a Cyprus mortgage default your bank may initially grant you extra time to raise funds before seizing assets to pay back the debt.

Still confused? Speak to an expert on how to get a mortgage in Cyprus

It’s essential that you speak to an expert so you fully understand the risks and what is involved.

Every mortgage application is accessed on individual circumstances, so even if you know someone who has been successful in getting a mortgage in Cyprus, your own situation is likely to differ from theirs.

If you have questions about how to get a Cyprus mortgage and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry.

Online Mortgage Advisor works with credited advisors who can find you an expert broker who understands the market and already knows the lenders.

So sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.


Updated: 9th September 2020
OnlineMortgageAdvisor 2020 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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