North Cyprus Mortgages
Mortgages in North Cyprus
Until mid April 08 there was no official mortgage system in North Cyprus. We are delighted to report that has now changed. Turkish Banks in England are now offering UK based mortgages on the property you purchase in North Cyprus.
The mortgages are issued in Pounds sterling if you live in UK or Euros if you are an Irish citizen. This has happened because the banks now realise how safe it is to buy property in North Cyprus.
As always with getting a mortgage there are forms to fill in. Please contact The Homebuyers Estate Agency by e-mail email@example.com for more information.
You should also be aware that a few of the developers offer their own "mortgages" but in reality what this means is that you are paying money to the developer over a longer period of time rather than a final payment on hand over of keys.
There is no involvement of a third party bank. This is of course is done by the developer to increase sales. There is one very important point to remember about this type of “developer mortgage.” The developer will not sign over the deeds into your name until the “mortgage” has been fully paid up. So you could potentially be asking the developer in 10 years time to sign over the deeds. This could cause legal and tax problems.
You should also bare in mind that if for any reasons you have a problem with the developer or build quality of the property then with the builder holding the deeds you are in a very weak position. Our overall advice is to tread very cautiously with such “developer mortgages”.