Cyprus Ensures A Silky Property Mortgage For You Within Its Boundary

Allow yourself to bask in the delightful dazzle of a bright Mediterranean sun in the exotic beaches of Cyprus. You can make this desire reality with a property mortgage deal in lovely Cyprus.

Reasons For Entering A Property Mortgage Deal In Cyprus

The state of Cyprus reels in a charming weather with sunny summers and mild winters, which heighten the appeal of the island. Cyprus is a popular destination for the beauty seekers. Around three million tourists visit Cyprus annually.

Air transport is quite frequent between the European countries and Cyprus. Airfare is not exorbitant either. Larnaca and Paphos are the two airports of Cyprus.

Many historical monuments are strewn in the land of this exquisite state, murmuring the stories of a rich historical heritage. Revisit history in Roman architectures, crusader castles, frescoed monasteries and walk in the sweet daze of citrus orchards. The Green line divides the state in two halves, the Greek Cyprus and the Turkish north Cyprus.

The culture of Cyprus is a curious blend of European, Grecian and Middle Eastern influences decorating the state with rich array of multiculturalism.

The Greek Cyprus has become a full-fledged member of E.U from 1st May 2004 and E.U is working on the improvement of multilateral relationship with the Turkish Cyprus. This improved relationship with the E.U has brought on a boom in the property market of Cyprus in the recent years.

Legal fees are quite low in Cyprus.

Have A Look At The Soaring Economy

Cyprus belongs to the higher strata of European economic pyramid with a firm internal and external stability, fast economic development and full employment conditions. Cyprus has entered the privileged elite high-income group of European economy with estimated per capita income of US$ 12687 in 2003.

The growth rate of the economy of Cyprus is quite high. Till 1974, agriculture accounted for one third of the GDP, and then from 1974 onwards-light industry was the chief industry. From 1980s services sector became the largest contributor in the economy with a large share of 71% in 2001 with the slice of 20% from tourism only.

In Cyprus you will enjoy a high standard living paying relatively low tax payments by European standards.

Cyprus has double taxation treatises with USA, U.K, Russia, Norway, Poland, Kuwait, Italy, Ireland, Hungary, France, Germany, Greece, Denmark, Slovakia, Czech Republic, Canada, China, Bulgaria, Austria, Romania, Sweden and Yugoslavia. If you are a citizen of the above said countries you can avoid double taxation. This enables you to receive your investment and pension in Cyprus minus your country’s withholding. This is a unique feature of Cyprus as both public and private sector comes under its purview.

The Central Bank of Cyprus is an independent body that decides the monetary policy. The inclusion of Cyprus in the E.U has improved the monetary policy pegging Cypriot currency to the Euro with a +2.25 fluctuation band on both ways.

The financial and banking sector of Cyprus is quite stable and booming.

Will I Get A Good Mortgage Deal In Cyprus?

If you want to buy property in Cyprus, commercial banks offer mortgage facilities both in Cypriot currency and foreign currency. Generally 20% contribution from the purchaser is required.

First talk with a mortgage professional about your financial details and get a mortgage pre-approval, a basic estimate of your capacity by the lender.

The Points To Consider For A Mortgage Deal

1. Think about your credit history. A copy of your credit will be needed in a mortgage deal. The lender will ask for the copy as a routine part of the deal.

2. Generally your credit report is made by credit bureaus deriving info from retailers, banks and public records. Your credit history should contain the number of your credit and debit cards, accounts of loans and mortgages, your accounts in different financial institutions, creditors name, account numbers, current balance and the details of payment history. This report will also contain personal information like bankruptcies, marriages, divorces, judgments made against you and more.

3. The lender may verify your employment status and rental history.

4. Your credit report may include enquiries made by other creditors. A bad credit report with rejections from other lenders may create negative impression, so be careful to maintain a good credit report.

5. However if your credit report has bad tinges do not hide it, be upbeat and ask the lenders about the lending policies prior to mortgage application.

6. If the creditor is not satisfied with the credit report and ask for an explanation, be prepared to clear the bumps in the process.

You have to furnish some documents to the lender after the pre-approval like:

1. The listing of the property you want to mortgage. Show the plans of the yet to be built home to your lender.

2. An Agreement copy of sale and purchase

3. Documents of pre-approval

Get The Best Mortgage Deal

Check the APR and the cost rate, browse around to find the best deal. A good deal will maintain a healthy balance between the cost and the APR.

Ask the time length for which your lender will lock the initial rate. Go for the ‘float down’ action meaning you will pay low as the rate falls. Make sure the lender provides you information about the APR terms, amount, nominal rate, expected costs and fees within a few days of your application.

What To Do If Your Mortgage Application Gets Rejected?

1. Turning down a mortgage application is atypical, however if you face such a situation

2. Ask your lender the reasons of rejection. Mostly a bad credit history, insufficient down payment and piling debts are the reasons, which you can rectify over time.

3. You can apply for a review in which your application will be re-evaluated. If you can prove that your bad credit is due to some occasional disaster you can crack the deal.

4. If still the lender rejects your application, go to another lender who is willing to lend you.

5. You may have to pay a higher interest rate if your credit report is bad.

The sovereign state of Cyprus ensures a hassle free mortgage deal for you. After the smooth completion of the deal accept the invitation of the fascinating sandy beaches and bright sun of Cyprus.