mortgages for trnc.

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
14/02/2008 20:21

A company in Ireland has started offering mortgages to irish and british citizens to buy property in northern cyprus.

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
14/02/2008 20:23

The company is called global mortgages direct.

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/02/2008 21:03

Interesting,could solve a problem for some buyers who borrowed heavily in Uk to buy on the hope of quick gain and now need funds, as it may help properties to sell,or if the company do refinancing of owned property, it will perhaps release urgently needed funds allowing the owners to hang on for better times.

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
14/02/2008 21:16

All reet dodgy boy. checked it out and can only be good news for owners. here is some more info for anyone interested.

Basic Lending Terms for ALL products as follows:



Loan to Value: up to 65% (of valuation)

Interest rate: 6.96% pa (Euro) For a short period of time only, this is a promotional rate.

Please note: normal Euro rate is 7.8%pa 7.8% pa (GBP), 7.8% pa (USD) & Turkish Lira also available

Nationalities: Any country that has a reciprocal property purchase agreement with Turkey (eg: Australia, New Zealand, EU & US)

Term: 5 to 20 years

Minimum Loan: €30,000

Maximum Loan: No Maximum

Interest rate (FIXED for full term of the loan): 6.96% pa (Euro) For a short period of time only, this is a promotional rate. Please note: normal Euro rate is 7.8%pa, 7.8% pa (GBP), 7.8% pa (USD) & Turkish Lira also available….

Age of applicant: 25 to 70 years of age

Maximum age at loan maturity: 70 years of age

Early Repayment penalty: 2% (on outstanding balance)

Requirements:

DASK (natural disaster Insurance) - arranged by Lender.

Property Insurance - arranged by Lender

Off Plan mortgage*: Offered with full bank guarantee from Developer for total loan amount*

Costs:

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/02/2008 21:22

Wonder if delays in land registry could hamper completions, possible concern

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
14/02/2008 21:35

The property has to be a pre -1974 title Security of loan taken on Northern Cypriot property

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
14/02/2008 21:55

Lovingcyprus, that will limit potential customers.

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
16/02/2008 00:28

Simma

I know you can't answer this but

"Interest rate (FIXED for full term of the loan): 6.96% pa (Euro) For a short period of time only, this is a promotional rate. Please note: normal Euro rate is 7.8%pa, 7.8% pa (GBP), 7.8% pa (USD) & Turkish Lira also available…."

If its fixed for full term of the loan, then how can it be a promotional rate for a short period of time which will increase to 7.8% or am I being thick and not reading it correctly?

Karen

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
26/02/2008 20:49

Just read that the company have pulled out.

sjw1979


Joined: 09/04/2007
Posts: 162

Message Posted:
26/02/2008 20:54

wonder why cos I contacted them and they seemed interested in helping !

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
26/02/2008 21:15

It is pretty obvious why they pulled out. Pressure from the GC's on the Irish government.



It is always pressure by the GC's always

simma



Joined: 03/02/2008
Posts: 346

Message Posted:
26/02/2008 22:11

Hi Karen, sorry for the delay, iv'e only just realised you had posted me a question. I think it means the mortgage is available at that rate for a limited time only. Then it would return to the regular rate. Obviously at bit of a draw in for customers.

John.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
27/02/2008 00:47

simma



Mortgages not available now