Mortgage

If you default, the bank has the right to take legal action, which might lead to the repossession and sale of the property to recover the debt.

Most banks allow early repayment, but there might be penalties or charges involved.

Yes, there could be arrangement fees, valuation fees, and potential early repayment charges. Ensure you’re aware of all costs upfront.

Typically, you’ll need proof of income, employment details, a credit report, identification, details of current liabilities, and sometimes even a business plan if self-employed.

Yes, both fixed and variable rate mortgages are available. The best option depends on current market conditions and your financial situation.

Interest rates can vary, but they typically align with the European Central Bank rates plus a margin. Always compare offers from different banks.

Most banks will have certain criteria the property must meet, such as location, condition, and valuation. It’s essential to check with the bank beforehand.

Generally, you’ll need a deposit of 20-40% of the property’s value. The specific amount can vary based on the bank and your financial standing.

Mortgage terms in Cyprus can range from 10 to 30 years, with 15 to 25 years being the most common.

Yes, non-residents and foreigners can apply for a mortgage, but the conditions and requirements might differ from those for local residents.