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1. North Cyprus International March 2015 Low Deposit Mortgage Availability (CURRENT from March 1st 2015)
Terms and Conditions – Non-status Mortgages (in-house developer loans)
NCI Limited Time Mortgage Promotion £10,000 or £40,000 deposit, balance over 5 years at 2.65% (fixed rate) = 5% – completed properties.
Who is eligible and what is the application process?
Anyone who is eligible to purchase a house in N. Cyprus is eligible for a non-status mortgage. Clients nearing retirement age should be sure to calculate that monthly payment figures will be realistic in 5 years time. Your NCI Property Advisor will arrange the application this during the purchase process. There is no credit check involved.
When do the payments begin and how are they made?. The following 1st of the month after the £10K or £40k deposit is paid. Paid monthly – direct to the vendor’s Garanti Bank account in North Cyprus. Paying quarterly in advance may reduce annual currency transfer fees and can be arranged as an alternative.
What are the interest rates and what type are they? The interest rate is 5% which works out at 2.65% fixed rate. They are reducing balance interest rates. There is no front loaded interest.
Is there any penalty for early settlement? No, the outstanding loan can be repaid at any time with no penalty.
How late can a payment be before it counts as default and what is the result? 14 days after the due date. The client will receive 3 written warning notices , each 14 days apart. Unless an agreement is reached with the developer, legal action would be taken to repossess the property at that stage.
How much of value of my home do I lose in the event it is repossessed? In the event of repossession the developer reserves the right to retain 30% of the value of the property. Whatever has been paid over 30% by the mortgagee would be refunded once the developer or the client has been able to resell the property. No refunds are due until a resale has been achieved. This will be clearly outlined in the purchase contract.
When do I receive my title deed? Title deed is transferred to the buyer once all payments are made.
Terms and Conditions current 1st March 2015 – valid until 31st August 2015.