Are mortgages available in North Cyprus??

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
04/11/2009 11:57

Hi there,

I was just wondering if anyone knows of any banks or building societys in North Cyprus who are giving mortgages on property there or do you have to go through an estate agent??????



Kyle

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
04/11/2009 12:03

Yes and no. Some developers are advertising heavily that they give you 90% or so mortgages if you buy from them but it is not a mortgage in the true sense, its simply a sale by installments.

A mortgage means that you get the title deeds in your name and the financing company takes a mortgage on it. If you default on payments, they can make a forceful sale. So in the right sense, I have not heard of it. In some cases the banks actually have the title deeds and they promise to transfer it to you when you pay up. This is not a "mortgage" as we know it.

ismet

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
04/11/2009 12:11

Many thanks Ismet,

It is just I have to sell my property due to having my own business at home and with the recession lingering on and on I need to free up some money. I have a guy interested in it but he wants to take a mortgage on it and says that he was told yesterday that the banks there don`t give mortgages to foreigners. I have been lead to believe that banks here won`t give mortgages to anyone buying in North Cyprus as they don`t recognise it. I probably shouldn`t have said this now as my thread will probably go onto a totally different subject!!!!!



Kyle

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
04/11/2009 23:54

I have seen on some of the postings that some of the estate agents do a mortgage I assume in the same way as Ismet has said but do they only do this on property bought through them??

The other thing is would there be any independent firms that possibly do mortgages??



Kyle

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
04/11/2009 23:59

i doubt it as a visitor to this country. As Isme states its a loan and greatly inflated rates of interest

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
07/11/2009 20:56

Hi there,



If the guy that wants to buy my apartment was out in TRNC can you tell me who he could go and see about one of these loans or mortgages as he is determined that he wants to take out money on it as opposed to using all his own cash???



Any help would be grateful.



Kyle

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
07/11/2009 21:16

Kyle,

Let us start from the beginning. Do you actually have a Kocan for the property that you say is yours? If it is pre74 Turkish Kocan things will be much easier.

In any case, your friend will need a PTP before he can have anything in his name but he may find a bank to take the the kocan in their own name as security and then give a loan to your friend. Of course that would mean paying the transer fee of 6% twice or at least the bank will have to pay6% transfer fee and later your friend pay 3% transfer fee as everybody has a one in a lifetime choice of paying 3% for one transfer.

ismet

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
08/11/2009 13:38

Hi Ismet,

I do not have the Kocan yet I have applied for the PTP approx 18 months ago. The property is in Chelsey Village and the title deeds are TMD title. I have paid the stamp duty, and land registry with only the purchase payment tax and vat still to pay.



Regards

Kyle

mr portland


Joined: 29/07/2008
Posts: 47

Message Posted:
08/11/2009 14:28

Hi Kyle,

Your buyer will not find a bank to lend on a property in TRNC, on a mortgage basis, maybe so, if he was resident there, it may be slightly more promising. Have you suggested he raises the funds via a mortgage /remortgage on another property, maybe something he owns in the UK or elsewhere. This is a more easier route to take, as long as he has equity in his other property ( if he owns one that is ) I specialise in this sort of mortgaging , so it may open an avenue to both you and your buyer.

if you have any questions drop me an e mail kp@msol.co.uk

best regards

Rocklyn4


Joined: 04/02/2008
Posts: 34

Message Posted:
08/11/2009 16:41

Hi there,



I have emailed you directly underlining the position of myself and my potential purchaser.



Kyle

mr portland


Joined: 29/07/2008
Posts: 47

Message Posted:
09/11/2009 13:01

Hi Kyle,

no e mail recieved as yet , kp@msol.co.uk or try kevin_parry@sky.com

talk to you soon

regards Kevin