|
Greece Mortgages
Q. How much mortgage can I have to buy a
residential property in Greece ?
It is important to
note that there are no non-status/self-certification mortgage facilities
available in Greece (although renting out your property is permitted), all
loans need to be supported by a minimum requirement of proof of income, i.e.
if employed - copies of your last three month's payslips & copies of your
latest P60/Employer’s Reference together with copies of your last 6 month’s
Personal Bank Statements will be required or alternatively if you are
self-employed - copies of your last three years Audited Accounts & copies of
both your last 12 month's Business and last 6 month’s Personal Bank
Statements will be required on application.
In
Greece the Lenders will NOT take into consideration any proposed Rental
Income from the property for mortgage purposes/repayments, unless this can
be guaranteed by a Greek rental management company for at least two years.
Your loan is based on your joint net “take home” pay and is calculated on an
affordability basis. All your existing liabilities including any
mortgage/rent payments, personal and bank loans and any maintenance (ie:
Divorce) payments together with your proposed Greek mortgage payments must
not exceed 35% of your net monthly income.
Greek Mortgage Example:
Net joint monthly income £ 2,500 times 35% of that figure is £ 875 minus
existing monthly mortgage payment £ 300 – No other liabilities. This leaves
a balance of £575 for a proposed Greece Mortgage payment.
Greek Mortgage eligibility
-
Maximum loan to value 80%
-
Minimum loan of €40,000, no maximum
-
Maximum term of the loan is 25 years
-
Loans available in Euros, US Dollars &
Sterling
-
Repayment mortgages only available
-
Current interest rates as available from
approximately 5.10%
details are subject to change, so you must check with your
broker on the link above before committing |
