We are pleased to announce mortgages in North Cyprus are available from January 2008.
We can now accept mortgage applications on both pre 74 Turkish Title Land and Exchange Land, followed in June 2008 by all other Title Land.
Pre 74 Turkish Title Land and Exchange Land Applications Can Be Processed Now.
We can now accept mortgage applications on both pre 74 Turkish Title Land and Exchange Land, followed in June 2008 by all other Title Land.
Pre 74 Turkish Title Land and Exchange Land Applications Can Be Processed Now.
Please study the lending criteria below.
If you can comply then print our mortgage application form
click for PDF form
Complete, sign and fax to us for processing to +44 1904 237 822
PLEASE DO NOT APPLY TILL SIX MONTHS BEFORE COMPLETION OF YOUR PROPERTY. WE CANNOT PROCESS APPLICATIONS FOR PROPERTIES, WHERE COMPLETION IS IN EXCESS OF SIX MONTHS.
MORTGAGES AVAILABLE TO UK AND IRISH CITIZENS ONLY.
If you can comply then print our mortgage application form
click for PDF form
Complete, sign and fax to us for processing to +44 1904 237 822
PLEASE DO NOT APPLY TILL SIX MONTHS BEFORE COMPLETION OF YOUR PROPERTY. WE CANNOT PROCESS APPLICATIONS FOR PROPERTIES, WHERE COMPLETION IS IN EXCESS OF SIX MONTHS.
MORTGAGES AVAILABLE TO UK AND IRISH CITIZENS ONLY.
Villas and Bungalows, the Bank must be able to take a charge on the land and property, which must be free from any other Bank borrowings.
Apartments, the Bank as well as taking a charge on the land will also require a charge on the 99 year lease, which again must be free from any other Bank borrowings.
Apartments, the Bank as well as taking a charge on the land will also require a charge on the 99 year lease, which again must be free from any other Bank borrowings.
North Cyprus Mortgages
Interest Rate Euro 7.25% p.a. (buy to let 7.75% p.a)
GBP 8.5% p.a. (buy to let 9% p.a. )
Both Maximum mortgage not to exceed 70% Loan to Valuation.
GBP 8.5% p.a. (buy to let 9% p.a. )
Both Maximum mortgage not to exceed 70% Loan to Valuation.
Lending Criteria
Loan to Value Maximum 70% of Valuation/Contract Price (whichever is the lower).
Debt to Income Maximum net salary to pay mortgage 50% of income.
Valuation of Income, monthly payslips employed, accounts self employed, pension if retired.
Validity of Pre-Offer 6 months. Applications only accepted within 6 months of build.
Maximum Loan - No Maximum / Minimum Loan £26,000
Nationalities automatically accepted for a mortgage are England and Ireland, other countries on request
Term of Mortgage 5 years to 15 years maximum
Loans in GB Pounds to UK applicants and Euro to Irish applicants
Interest variable.
Early Redemption, subject to a 2% redemption charge. Bank Arrangement Fee. 1.5% added to mortgage.
Applicants Fees with Application
Lewis Finance facility fee £500
Bank Processing fee £250
Bank Valuation fee £200
Total to be paid upon application.
In the event of the application being declined the facility fee of £500 is fully refundable, however the Bank processing and Valuation fee is non-refundable. Applications will not commence until these fees are paid and fees are paid accepting these terms.
Age of applicants. Minimum 25 years – Maximum 70 years.
Maximum age at maturity of mortgage must not exceed 70 years.
Life Insurance not required.
Life Insurance not required.
Off Plan Mortgage in stage payments, not available. Mortgage funds only released upon build completion.
Documents to be provided by Applicants
1. Copy of Passport
2. Copy of latest Utility Bill and latest Bank Statement.
3. Title-Deed Copy of the property. 4. Payslips (Employed) Accounts (Self-Employed)
4. If Retired copies of the last two years Pension.
5. Lawyer to confirm land type (pre 74 Turkish, Exchange or TMD Land Title).
6. All copies of documents, must be certified by a lawyer.