North Cyprus Mortgages

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
16/06/2010 20:32

Can anyone tell me if I can get a mortgage for a property in TRNC? I am based in England and I have dual nationality.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
16/06/2010 20:38

In 1999 I bought a house here in TRNC.Did not have all the money so I went to borrow some based on my assets in UK,no chance,so I used my brother in-laws property here as a security and lived to regret it ever since.

If you can,do yourself a big favour and borrow what you need in UK to buy here.

Good luck.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
16/06/2010 20:42

Hi welldigger,



Some developers are offering mortgages on their properties, they are usually over 10 years. I would think the majority of brits who have taken mortgages to fund their home in the TRNC will have done this by remortgaging their existing property in the UK or have sold up in the UK to buy in the TRNC for cash.



The butlers wife

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
16/06/2010 20:50

some properties, after you buy them, end up with a mortgage on them anyway; unfortunately they forget to tell you it's there and they end up auctioning it for you. NO KOCAN, NO MONEY!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
16/06/2010 20:52

Ive got enough thanks!!!



wyn

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
16/06/2010 21:14

Thanks everyone but I thought certain banks were offering mortgages on built properties to TRNC nationals?

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
16/06/2010 21:29

dont go theyre msg6 .

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
16/06/2010 22:47

msg 6

"Thanks everyone but I thought certain banks were offering mortgages on built properties to TRNC nationals?"





Yes,that is true if you are a resident.

Besides,asking that question on here I think is wrong since most forum members are NOT TCs.

nareik


Joined: 26/01/2009
Posts: 113

Message Posted:
16/06/2010 22:51

Dealing with a local TRNC bank is like dealing with a mafia moneylender - no problem giving you the money but, one way or another, they are going to get their pound of flesh - legally, by the way.



DON'T GO NEAR ANY LOCAL TRNC BANK FOR A MORTGAGE - YOU ARE ASKING FOR TROUBLE!

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
16/06/2010 22:56

Kerim

If you follow the posts on this forum alone on the terrible problems people are having after buying a home in the TRNC you wouldn't even consider buying let alone taking out a mortgage.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
16/06/2010 23:14

See what I mean Kerim,they already think you are one of THEM!!!!!!!!!!

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
16/06/2010 23:17

I am sure you all know the meaning of a "mortgage" but somehow when you talk about mortgages you really talk about buying a house by "installments". Some developers talk about mortgages in TRNC when they really mean they keep the ownership of the property until you pay the loan with interest. After that the developer *may" transfer the kochan into your name. With a true "mortgage" you the buyer should have the kochan and then you mortgage the property in their favour in exchange for a loan. The difference is vital.

ismet

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
17/06/2010 10:28

Yorgozlu, thanks for you input. I'm not sure what "one of them" is but I kind of take your point. I was born in the UK and have TRNC citizenship, via birth. If that makes me one of them then I suppose I am???



I have in the past bought and sold in Cyprus with some success, I used cash then, however, I just wanted to find out if there were normal mortgages avaiable via banks as I was told at one point they were available, especially to TRNC citizens.



I am just simply looking to buy a second home as an investment in Cyprus.



It would seem that many poeple have had bad experiences, which I am sorry about but shouldn't all of these situations been checked with their solicitors prior to making any financial commitment?



I do keep up with daily news in TRNC and I am aware of the problems. It is shameful the way some poeple are treated but you have to ask, would these same people make these large financial commintments in the UK without the proper checks?



Kerim

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
17/06/2010 10:43

Never thought of making "proper checks" Welldigger. How does that work?

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
17/06/2010 10:47

Kerim,





You can do all the checks you want and your lawyer can do all the checks he needs, but unfortunately the builders and developers can still take out mortgages and memorandums on your property after you have paid for it in full. Until you have the title deeds in your name, no property is safe. You having TRNC citizenship could fare a little better but in the last auction to be held even they were not safe. I blame the greedy banks for not doing the checks. No Kocan, No money this should be the rule in future.



The butlers wife

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
17/06/2010 10:58

lowest form of wit and all that...............

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
17/06/2010 11:00

Butlers wife, thank you for your insight. I am only just finding out about such things. I will follow you example, no kocan, no money.

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
17/06/2010 11:06

Kerim,

All I'm saying to you is that you do NOT need nothing to check,as long as the property you want to buy has the deeds in sellers name,you can have it in your name in half an hour.You do NOT need to wait for PTP,like THEM!!!

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
17/06/2010 11:09

Thanks, yorgozlu. You have been a great help.



Kerim

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
17/06/2010 11:10

Welldigger....msg 17



Because you have TRNC citizenship you should have no problem getting your Kocan and PTP in a matter of weeks ,rather than years or never at all !



Unfortunately us "foreign" buyers do not enjoy the same priveleges and are at risk in a inherently discriminatory system.

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
17/06/2010 11:15

Yorgozlu....msg 18



Why do you find it amusing that there is an Us and Them attitude in the TRNC in the way that the law is applied.



Your continuing jibes and lack of support for foreign buyers does nothing to promote the property market in the TRNC.



You have properties both in TRNC and the UK....can you honestly say that the law is as discriminatory against you in the UK in respect of property?

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
17/06/2010 11:32

cronos;

MY msg 11 was in referance to msg 10.

I try to bring myself to the level of the person I refer to.

However;

The main thing that gets me realy ennoyed is some of the comments regarding TRNC,and these comments are coming from the ones that are trying to sell their property for one reason or another.



"Your continuing jibes and lack of support for foreign buyers does nothing to promote the property market in the TRNC"



Might be a hard job to find but I'd like to see where I've made comments like that.



"You have properties both in TRNC and the UK....can you honestly say that the law is as discriminatory against you in the UK in respect of property? "

as for your comments above,

No .

I beleive that,when one pays in full for whatever,one must also be given the full ownership (deeds) at the same time regardless of their nationality.But,I dont make the rules.

However,you know nothing about what I do for the community.

Welldigger



Joined: 16/06/2010
Posts: 27

Message Posted:
17/06/2010 11:34

Cronos.....msg 20



Thank you, it woud seem I am in a fortunate position based on what you have told me. I also note your comments to Yorgozlu in msg 20 and sympathise with the problem "foreign" buyers face. And no, it is not the same in the UK, everyone is treated the same, as it should be in Cyprus, hopefully, the government will resolve these issues as the housing market will surely "die" in Cyprus without outside investors.



Kerim

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
17/06/2010 11:35

msg 22 cont.



As long as there is a PTP for non-citizens,there will always be US and THEM.

We agree with that or not.........thats another story.