advice on Mortgages in TRNC

windygale37


Joined: 22/08/2009
Posts: 11

Message Posted:
08/09/2009 21:57

Hi:



we will be renting to start then looking at buying in the longer term.. any advice on getting a mortgage. Is there any chance of getting a near 100% mortgage or will we need a fair size deposit



thanks

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
08/09/2009 22:02

About 100% deposit needed plus another 50% for legal wranglings, expenses etc. and that's if you're lucky!



Richard

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
08/09/2009 22:58

nooooooooooooooooooo this surely is not a serious question, me thinks you need to go and do some homework !!!!



Brinsley is not wrong !



Mrs Millzer

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
08/09/2009 23:04

Me thinks someone is in for a hell of a shock....

AlexF065


Joined: 07/09/2009
Posts: 271

Message Posted:
08/09/2009 23:14

A minimum of a 30% deposit and quite a high 7% interest rate also lots of expences on top

I advise you do do loads more looking around

zerochlor


Joined: 03/04/2009
Posts: 4024

Message Posted:
09/09/2009 00:11

message 1



if you got a lump of cash when your comming out here,stick it in the bank.turn it into turkish lira,draw the interest,



RENT RENT RENT



forget buying at the moment i think most of the forum would advise you,i feel alot will tell you not to buy.

CyprusChill


Joined: 08/05/2009
Posts: 666

Message Posted:
09/09/2009 04:26

A tent is cheaper than renting.

Or find an empty cave.

Wet soggy earthen mud will also create a shelter.

Or invest in your bricks and mortar home in the sun and enjoy the comforts.



Deals to be had.

mark&beck



Joined: 08/01/2009
Posts: 303

Message Posted:
09/09/2009 07:17

Take the advice from the mesage above mate!! RENT!!!

Middle Easter


Joined: 13/06/2007
Posts: 146

Message Posted:
09/09/2009 07:36

Why are most people advising to rent? Surely you buy into the market when it is down (i.e. now) rather than buying into the market when it is up/overpriced?



Particularly if you have ready money, some fantastic deals are there to be had. But providing you realise that it is a 'longer term' investment i.e. 5+ years min. However, if you are looking for shortterm profit, or cannot put at least 50% deposit down then don't buy.



Like others, I have TRNC property, which has gone down in price. My strategy is to 'trade up' i.e. buy a more expensive property because if both properties have dropped by 30% then the more expensive property has dropped even more in £££ terms than mine, so when the market improves I will benefit to a greater extent.



If you wish you could call it a double or quits policy. But as I am committed to the TRNC market, it is justiified. Irrespective of the Cyprus issue etc etc all the key investment fundementals are right.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
09/09/2009 08:33

Mess 6 - Wise words ZC....



Mess 9 - When you buy something, you get the legal title - but with the land dispute / Orams case, i think you'd be better renting for the forceable future.....

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
09/09/2009 09:05

as buying anywhere in the world , buy the right property in the right area and it won't go down even if the markets fall.

rent for a while and get the feel of things here, then buy. don't just rush in thats the mistake most people have made.

it took us three years to find the right thing!

proger1



Joined: 18/04/2009
Posts: 2919

Message Posted:
09/09/2009 09:42

As simple as I can put this. I am not even sure if it is still possible to get a mortgage at the extreme high rates and this is what should tell you that if the financial institutions won't take a chance on lending you the money to buy then maybe you should rethink the buying and go by the advice here and rent.

Also if you have enough money for a reasonable deposit then as ZC and NN agree above stick it in a TL account and use the interest to pay for your rent until it at least stabilizes a bit more, that way you aren't losing any money and if you have enough in the bank you will gain on the interest.



This is what I am doing at the moment and hopefully I have made the right choice

beno12



Joined: 03/04/2009
Posts: 124

Message Posted:
09/09/2009 18:45

Windygale37, "Tip"

Look into Noyanlar.com they do a mortgage , a 100% secure company:

Chris.

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
09/09/2009 19:09

aving a laugh or what some people want a mortage at 5% and get 20% back on investments would that be lovly or just going down the yellow brick road daft

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
09/09/2009 19:59

Having a laugh surely

After all that has appeared on this site someone is asking about a mortgage.

Dont see how you can get a mortgage on your property if the builder/ developer has a already taken out a mortgage on it.



In the UK ,the mortgage company keeps the title deeds until the mortgage is paid off,what do mortgage companies in TRNC keep?

If you default on payments how can the mortgage company sell your property if title, and therefore ownership, is in the hands of the developer?

or do you pay the developer the full amount and when you get title ,assuming you ever do,then get a mortgage?



I was going to say ,take legal advice for protection, but I think that joke is in poor taste.

Middle Easter


Joined: 13/06/2007
Posts: 146

Message Posted:
09/09/2009 21:15

Re NN Msg 10. The whole reason property here is 1/3 that of the South is due amonst other reasons to the perceived risk re title deeds etc, so the NC market is not for everyone. But if you are a) buying with a view to live here & hence not interesting in selling for many a year or b) the propoerty forms a minor part of your overall wealth/investments - thenthere has never been a better time a get a drive great deal!

pemos


Joined: 13/11/2008
Posts: 626

Message Posted:
10/09/2009 10:27

Hi Windlegale medview properties do 90% mortgages. http://www.medviewhomes.com speak to Tekin

or http://www.kumyaliconstruction.com do 7 year payment plans.