Mortgage on resale property

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
07/12/2009 00:06

Just wondered if anyone knows whether its possible to raise a mortgage in the TRNC towards the purchase of a resale. My nephew who has a reasonable deposit is considering purchase if its viable.

Many thanks for any info.

fazo1


Joined: 23/08/2008
Posts: 406

Message Posted:
07/12/2009 09:04

hi pilgrim my friend has finished appartments by the golf course directly over the road from turtle bay all ready to move in the site is called vasillia views the prices are 75k they do a mortgage for 50% fixed at 5% over 10 years if intrested call me on 05428853211 i can give you more details

NorthCove1


Joined: 30/11/2009
Posts: 104

Message Posted:
07/12/2009 14:29

Hi Pilgrim,



If you are a citizen and the property is complete with deeds then Yes, it is possible to get about 75% from the banks. The rates are between 12% and 14% per annum over 5 years. However, if you are a foreign national it is not possible to get a mortgage from the banks here, except in rare occasions where they ask for extremely high interest rates (20% +)



Besides the banks, there are some (not many) complete properties where you can get 40% to 75% finance over 5 to 10 years direct from the developer with LOWER interest rates, varying from 5% to 10%, which would not require a TRNC citizenship. If you would like to contact us for further assistance we would be more than happy to help.



info@northcoveestates.com / sales@northcoveestates.com

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
18/12/2009 22:36

Many thanks Guys, passing on information over Xmas