Mortgage Question

[BMC]

Hi,

I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.

What kind of LTV can you expect to get on a mortgage just now. I have been on all the major banks websites. Alpha bank claim up to 100%, surely this is out of date? Bank of Cyprus says 80%, Piraeus 75%. All the others don't say anything.

Secondly will a permanent resident be treated the same as native Cypriot?

Thanks
Brian

[Cleo Shahateet]

Originally Posted by BMC

Hi,

I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.

What kind of LTV can you expect to get on a mortgage just now. I have been on all the major banks websites. Alpha bank claim up to 100%, surely this is out of date? Bank of Cyprus says 80%, Piraeus 75%. All the others don't say anything.

Secondly will a permanent resident be treated the same as native Cypriot?

Thanks
Brian

80% LTV is generally only available for applicants either permanently residing or living here for at least 180 days per year. Most banks are now requiring or requesting 40% down payment making it 60% LTV unless you are a resident.

[mollymore]

sorry for being thick but what is L T V
MOLLY

[Veronica]

Originally Posted by mollymore

sorry for being thick but what is L T V
MOLLY

LTV means Loan-to-Value.
The loan balance is compared to the purchase price or the value of the home. For an example, a loan balance of 80,000 on a home valued at 100,000 would carry an LTV of 80%.

[Veronica]

Originally Posted by BMC

Hi,

I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.

What kind of LTV can you expect to get on a mortgage just now. I have been on all the major banks websites. Alpha bank claim up to 100%, surely this is out of date? Bank of Cyprus says 80%, Piraeus 75%. All the others don't say anything.

Secondly will a permanent resident be treated the same as native Cypriot?

Thanks
Brian

I cant remember Cyprus banks ever giving 100% mortgages so that must certainly be very very out of date.
You can still get mortgages of 70% on some off plan and with help from the developers it can actually in some cases be as much as 80% but that is rare these days.
In the case of resales the most you can get now is 60% and then only if the developer is willing to sign the transfer which some are now unwilling to do if the buyer needs a mortgage.
It seems that the developers and the banks are conspiring to force buyers to go for new builds making it much harder to sell a resale.

[mollymore]

Originally Posted by Veronica

LTV means Loan-to-Value.
The loan balance is compared to the purchase price or the value of the home. For an example, a loan balance of 80,000 on a home valued at 100,000 would carry an LTV of 80%.

Thanks Veronica i would never have worked that out
Mollt