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Mortgages are widely available in Cyprus and the terms are similar to those in the UK. However, you may require some help from our experts with the process of applying for your mortgage. We will gladly give independent advice and assistance with your mortgage application from a Cypriot bank.

Main Characteristics of Mortgages in Cyprus

  • Mortgages in Cyprus are authorized by most commercial banks, they are able to offer mortgage facilities to locals as well as foreign nationals. Loans are based on the purchaser providing a minimum deposit of 30%.

  • Repayment mortgages can be acquired in any foreign currency, eg. U.S. dollars, British pounds, Euros and Swiss francs, or in Cypriot Pounds.

  • A Euro mortgage avoids capital loss through currency exchange should you rent out your property, provided you keep to the local currency. It is important to research who you will be renting your property to, what currency they will be paying in and plan your mortgage accordingly.

  • For a loan in foreign currency, the maximum period of the loan is 15 years.

  • Loan payments can be made in monthly or quarterly installments.

  • Loan value is normally up to 70% of the property valuation. However sometimes 80-85% can be negotiated if the property is newly built.

  • Life insurance will be required when taking out any mortgage in Cyprus.

  • Cypriot Eurozone interest rates are currently around 4%

Should you not have 30% deposit available for your down payment, you may apply for a loan to cover it by using an equity release option on your existing home.

Documents Normally Required by Cypriot Banks

  • Personal details, including copies of passport

  • Employment contract and P60s, or business accounts from your accountant.

  • Documentation regarding existing debts, regular outgoings and details of any other mortgages in operation.

  • Bank reference from your bank.

  • Completed personal income declaration form.

  • Original of Purchase Agreement

  • Copies of your bank statements for the last three months

  • Copies of receipts for deposit payments made to the vendor for the property

  • You will need to open and activate a bank account in the same bank you obtain your mortgage from.

  • Acquisition Permit from the District Authorities to allow the mortgage to be released by the bank.

It often makes financial sense to buy property as a company. For legal, tax and inheritance law reasons you are recommended to review this option. will gladly give you expert advice as to whether this is a suitable option for your particular circumstances.

Off-Plan Financing

It is always worth considering the off-plan finance options offered by developers as these are sometimes preferential to the terms of a standard bank mortgage. Initial deposit and other payment terms can vary according to the construction phase of the project and rates are often competitive.

As always, before making a commitment to a property investment in Cyprus, we recommend you discuss your strategy with a lawyer, a reputable property agent with experience in the area and even a financial advisor.

Equity Release

Equity release is an efficient way of releasing cash from a property you already own, without having to sell up.
If you are in your mid-50s or older and own your own home, you may be able to get a cash lump sum, a regular income, or both, by using an equity release scheme based on the value of your property. These schemes can be helpful in some circumstances to raise money for a mortgage to finance your investment property in Cyprus.

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