Terms of Payment & Mortgage Finance

1. Under construction properties are payable with a structured system determined by the progress of work.  
2. Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property.
   
   Thomaides Group Of Companies have strong relationships with the local banks; this has resulted in reducing finance costs for its customers and speeding up the application process. Our customers benefit.

Finance Available:

1. The mortgage can be granted in Foreign Currency (USD, GBP, CHF Etc) or in Euros.
2. For a mortgage in Foreign Currency the maximum repayment period can be 15 years.
3. For a mortgage in Euros the maximum repayment period can be 25 years.
4. In both cases the age of the applicant plus the term of the mortgage cannot exceed the age of 70.
5. The maximum amount borrowed can be up to 70% of the value of the purchased property. Depending on the credit rating of the customer.
6. The mortgage is repaid by monthly or quarterly instalment payments.

Thomaides Group facilitating the sale:

1. Thomaides Properties finance schemes with the following security requirements having as a result substantially lower costs for our clients:
   
   
• Assignment of the Purchaser’s rights deriving from the Contract of Sale in favour of the Bank.
  
  
• A corporate guarantee is provided by Thomaides Group to the banks as a security to the clients’ mortgages.

Information required by the banks to facilitate a mortgage

1. Customer’s profile (Personal details, occupation-duration of your employment contract if any with your current employers).
2. Passport copies (the page with the photograph & personal information).
3. Statement of existing debt (if any).
4. A reference Letter from the Bank you maintain an a/c with.
5. Completion of the Declaration of Personal Income form.
6. Evidence of income either pay slip or confirmation of remuneration from your employer, or P60 or business accounts.
7. Purchase agreement.
8. Copies of bank statements for the last three months.
9. Copies of payments already made by the applicant for the property.
10. To open and activate an account with the bank.

If you require further information or assistance in relation to the above you can contact:

MICHAEL M. THOMAIDES (BSC HONS) 
20 HOMER AVE, 3095
P.O.Box 54060, 3720
Limassol, Cyprus
Email: michael@thomaides.com 
Tel:+357 25 583600
Fax: +25 2581661