North Cyprus Mortgages

bruce


Joined: 23/03/2008
Posts: 1

Message Posted:
23/03/2008 16:09

I see the mortgages offered by the Irish company have now been taken over by a UK company Lewis Finance and now extend from pre 74 land to exchange land. This is great news.

Izzet



Joined: 01/12/2006
Posts: 920

Message Posted:
23/03/2008 16:10

http://www.lewisfinance.co.uk/north-cyprus-mortgages.htm

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
23/03/2008 16:31

Very high interest rates.

£100000 over 10 years = £150000, 20 years = £208000

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
23/03/2008 19:26

They are also estate agents in NC it seems

http://www.lewis-estates.com/home.htm

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
23/03/2008 19:40

Msg. 3

Paul,

My calculations based on figures given above show that for a 10 year period the interest rate is 8.69% and for the 20 year period 8.48%. I would not call these interest rates as very high.

ismet

Aegean


Joined: 25/03/2008
Posts: 5

Message Posted:
25/03/2008 15:44

Looks like TRNC will move forward with mortgages - Nice to see they are on offer.



Just look at what happened here in Turkey when they offered mortgages - market picked up.



Think I will look into for refinancing some of my properties out towards Bogaz and get some more there as once the other airport is fully opened will make that area very attractive and with luck bring in great returns.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/03/2008 21:29

Aegean,

Do not forget that all universal rules work upside down in TRNC. Many years ago I advised all my friends to prefer private employment but in reality those who became civil servants did much better. Where else in the world do civil servants get 2-3 times better pay and pensions than the private sector? Rules of economy is upside down here.

ismet

Aegean


Joined: 25/03/2008
Posts: 5

Message Posted:
26/03/2008 17:55

Have spoken to them and it appears the funds are coming from major EU banks. The criteria is basically the same as in UK so can't see any issue.



Provided you can pay the mortgage it's not an issue. Not sure if mortgage is available to Turk Cyps as looks like it's initially directed to Brits and Irish punters.



Having said that if it takes off can only be good news for TRNC to move the market forward.

larry f


Joined: 29/01/2008
Posts: 116

Message Posted:
26/03/2008 18:03

That IS good news Aegean,

Thanks for that information

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
26/03/2008 18:44

Hi Aegean - I telephoned them earlier today (because I was concerned it might be a scam to just get your application fees).



They told me that they deal only with four major Turkish banks - no UK or EU banks.

They said that they are already arranging loans for people buying in mainland Turkey.

rtddci


Joined: 29/12/2007
Posts: 842

Message Posted:
26/03/2008 18:48

Lewis Finance are brokers. Looking at their website, they will charge you for the initial property valuation and if they then obtain a loan for you, and you take it up, charge 1-5% of the gross mortgage as their fee. I'd be wary.

Martin

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
26/03/2008 18:54

They do not say on their site that they are regulated.



"As from October 2004 the Financial Services Authority (FSA) took over the regulation of Mortgage Brokers. This was part of the general shake up in UK financial services following the various scandals that arose from allowing the “professionals” to police themselves.



All Mortgage Brokers must either be authorised by the FSA to provide mortgage advice or be appointed representatives of an authorised firm.



Note that if you take mortgage advice from a firm or individual that is not authorised, you will not have access to compensation or redress from the Financial Ombudsman Service if the advice you are given is unsuitable or inaccurate."

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
26/03/2008 18:58

Checked FSA web site - they are not registered.

Aegean


Joined: 25/03/2008
Posts: 5

Message Posted:
27/03/2008

Hi Paul,



Makes no real difference as main Turkish banks now mainly owned by major overseas players.



I live in turkey and the 4 main banks offer mortgages as we know them with basically UK criteria. So suspect it will be these banks also.



Not sure what rtddci is on about as looks like they only charge application fee - have to check it out.

Aegean


Joined: 25/03/2008
Posts: 5

Message Posted:
27/03/2008 12:05

Have checked it out and looks like their fee is only £500 which is fully refundable if application declined. Extra safe if paid by credit card.



The 1.5% is standard with Turkish Banks when getting a mortgage. Some charge less but depends on who the lender is.

Speedypaul


Joined: 28/03/2008
Posts: 65

Message Posted:
03/04/2008 13:16

I have been here before. I know the comapny involved and would be very happy to give advise or at least my experience with them off board.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
03/04/2008 22:55

rtddci



Take a look at some of the arrangement fees that lenders charge in the UK the average is around £1000 and in some cases you could end up paying several thousands

Lincsman



Joined: 02/04/2008
Posts: 117

Message Posted:
04/04/2008 14:27

being a Mortgage Broker here in the UK the rates/fees do not seem extortionate. Apparently they will lend up to 70% LTV. I would concur however with the person that advises caution about up front fees.

Speedypaul


Joined: 28/03/2008
Posts: 65

Message Posted:
05/04/2008 12:02

The fees would be extortionate if there were no mortgages to be had. Like I said Ive been here before and would be happy to help people not to make the same mistake I did. I cant comment further on a public board but will answer emails.

chippy


Joined: 02/04/2008
Posts: 40

Message Posted:
09/04/2008 14:48

Hi is anybody in the process of getting a mortgage,if so can u recommend,in need of a small mortgage

markie


Joined: 06/05/2008
Posts: 3

Message Posted:
06/05/2008 19:12

would be interested as to your experience as we happen to be trying to purchase via a mortgage from Lewis finance have apparently been accepted but not parted with money to progress further yet