Mortgages & Home Loans in Northern Cyprus

Before reading this section, please note that Foreign Nationals are exempt from the following.

Northern Cyprus has for many years been a cash buyer’s island where only those with a sizeable disposable lump sum can secure their dream Mediterranean property.  While this may once have been the case, nowadays thanks to the development and maturity of the property market in North Cyprus there are banks and developers lining up to assist financially with property purchase here in Northern Cyprus.

If you are looking to buy your dream property in North Cyprus and you’d like to learn more about the financial options you have, read on.

North Cyprus Mortgages

There are many variables which can make purchasing the overseas properties a daunting task, one of which is finance. Here in North Cyprus at Donaghy and Beyler Estate Agents we have formed strategic alliances with reputable FSA regulated mortgage lenders who offer an advance for your North Cyprus property purchase. The money loaned is secured on your dream North Cyprus property and NOT your UK or other overseas property.

For more information

Mortgages offered in North Cyprus please contact Estate Agents Donaghy and Beyler

info@donaghyandbeyler.com

Turkish Banks in North Cyprus

Some Turkish banks in North Cyprus do offer mortgages to their customers.  Turk Bankasi currently offers the most flexible terms and normally you would meet with the local Northern Cyprus branch manager to discuss your personal requirements. The following is a guideline to what is presently available: -

• You can borrow up to 40% of the total price for a North Cyprus property purchase with an £80,000 mortgage ceiling. 
• You can borrow up to 50% of the total price for an apartment in North Cyprus with a £50,000 mortgage ceiling. 
• You can borrow up to 2.5 times the combined household income.  
• Base lending rates start at 4%. 
• Repayment is over a maximum of 8 years.

North Cyprus Property Finance

Developers quickly caught on to the fact that lack of finance was restricting the property market potential in Northern Cyprus and some of the more astute and able among them now offer a range of finance options and opportunities for their customers. 

Instalment Payments

Those seeking a property in Northern Cyprus generally choose to buy off plan and have complete control over the design and finish of their dream property.  Buying off plan offers the purchaser many advantages, not least of which are two significant financial benefits: firstly, if you decide to buy today you secure your property at today’s prices yet don’t move into it until it’s completed in 1 - 2 years, at which point its market value may well have significantly increased.  This gives you an immediate return on your investment.  The second financial benefit that buying off plan affords you is the ability to stagger your payments over the duration of the build process.  You therefore effectively benefit from an interest free finance period of between 1 and 2 years.

More and more overseas Finance Companies are now evaluating North Cyprus to offer Mortgages. For further details please contact info@donaghyandbeyler.com