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Mortgages in North Cyprus

Many overseas property buyers looking to purchaser in North Cyprus sometimes may not have the available funds required, and may wish to take out a mortgage to assist their available balance. Unfortunately due to current stipulations outlined by the Government in North Cyprus mortgages to foreigners are not currently available. The only foreign mortgage resources for North Cyprus are from lenders of your resident country, but these lenders will look for their main security on the property that you own, not the property you are looking to purchase in Northern Cyprus.

Mortgages From North Cyprus (TRNC) Banks

Today, it is not so easy to get a mortgage from a UK or any other foreign bank for a property located in Northern Cyprus. Some Turkish banks do offer mortgages on TRNC property to their customers already citizens in the TRNC and look for a security on property that is located in North Cyprus. So if you are a Citizen in North Cyprus, or already have your permissions to buy granted, it is worth asking your TRNC bank for details of their mortgage services. Typically local bank mortgages are available for up to 70% of the property value, for a period of up to fifteen years.

Buying Off-Plan and Instalment Payments

Some purchasers looking to buy a property in Northern Cyprus sometimes choose to buy off plan, which also allows for adding those personal touches to colours, tiles, kitchen designs etc, and the finish of their dream home. 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 and interest free but can not move into it until it’s completed in 1 - 2 years. At that point its market value may well have increased significantly. This gives you an immediate return on your investment in North Cyprus. Second, payments are staggered in instalments through the construction period, and you do not need to find the full costs all at once.

Direct Mortgages from Developers in North Cyprus

Many developers in North Cyprus are aware of the current finance market as well as the lack of mortgages to foreign purchasers. Some of these developers, and indeed some private sellers offer their own mortgage or rather, “long term payment plans” to purchasers who are looking for buying their dream home in North Cyprus. These rates are generally fixed at 7-10%, and over a repayment period of 5-10 years.

If you would like us to send you property particulars and information for North Cyprus Properties with long term payment plans, please contact us using the form below.

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