Help info on raising funds to purchase property

helper


Joined: 16/01/2009
Posts: 235

Message Posted:
13/01/2010 15:41

Hi all, can any one tell me the 'rules' regarding mortgages/loans to buy property. We wish to borrow £25,000. I have seen some figures stating 50% others 70% of house price can be loaned. I am unsure if i borrow £25,000 then how much would house price be in total, to be eligible for a £25,000 loan. My partner is turk/cypriot resident and he would apply for finance. Also read that figure worked out on 2.5 X yearly income, therefore am i correct in saying that to lend 60,000 tl or £25,000 your wages would be 24,000 tl p/a minimum. Also any info on best place to apply for finance would be great. Many thanks

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
13/01/2010 16:46

Do not where to get loan by I would keep well away given the rate of interest that would be on offer.



Fot a loan you are probably looking in excess of 15%.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
13/01/2010 16:55

helper. If you could borrow £25,000 which in turn was 70% of the property value then the property value would be £35714.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
13/01/2010 16:57

Helper. If you could borrow 2.5 times your yearly income, then assuming you want to borrow £25,000 your income would need to be £10,000

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
13/01/2010 17:19

i think those deals are only available over a 5 year period , so you would need to be earning substantially more than 10k.

scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
13/01/2010 17:30

Surely the first port of call should at a TRNC bank. They should be able to answer your questions?

You would have no obligation by just asking. Have you not got a bank account in the TRNC?

helper


Joined: 16/01/2009
Posts: 235

Message Posted:
13/01/2010 19:18

Many thanks for all your help and information. Been advised to try Turk Bankasi, will try them first. cheers everyone