Cyprus does not have building societies as in the UK and home loans are typically arranged through Cypriot Banks, who lend money at one standard rate.

There are no fixed rate loans currently available and interest rates on variable loans for foreigners are often up to 2% above the standard rate for Cypriot citizens.

Interest rates do not fluctuate as frequently as they do in many other countries and loans are only available in a currency other than Cypriot pounds.

The maximum repayment period is normally 15 years and borrowers will be required to demonstrate proof of income to show that they can cover the repayments. Some banks may also ask to see evidence of other fixed assets.

To arrange a mortgage, the bank will need to have clear title deeds for the property and may also require you to have the permission of the Council of Ministers to acquire immovable property.

Loans are available of up to 75% of the property value but in certain circumstances a bank may agree to lend up to 80% of the purchase price of a property, subject to valuation.