# Mortgage Question



## BMC (Aug 4, 2009)

Hi,

I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.

What kind of LTV can you expect to get on a mortgage just now. I have been on all the major banks websites. Alpha bank claim up to 100%, surely this is out of date? Bank of Cyprus says 80%, Piraeus 75%. All the others don't say anything.

Secondly will a permanent resident be treated the same as native Cypriot?

Thanks
Brian


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## Cleo Shahateet (Feb 23, 2009)

BMC said:


> Hi,
> 
> I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.
> 
> ...


80% LTV is generally only available for applicants either permanently residing or living here for at least 180 days per year. Most banks are now requiring or requesting 40% down payment making it 60% LTV unless you are a resident.


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## mollymore (Jun 24, 2009)

sorry for being thick but what is L T V 
MOLLY


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## Veronica (Apr 5, 2008)

mollymore said:


> sorry for being thick but what is L T V
> MOLLY


LTV means Loan-to-Value. 
The loan balance is compared to the purchase price or the value of the home. For an example, a loan balance of 80,000 on a home valued at 100,000 would carry an LTV of 80%.


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## Veronica (Apr 5, 2008)

BMC said:


> Hi,
> 
> I have been trying to research this but to not much success but a few people on here seem to work in real estate so may know the answer off hand.
> 
> ...


I cant remember Cyprus banks ever giving 100% mortgages so that must certainly be very very out of date.
You can still get mortgages of 70% on some off plan and with help from the developers it can actually in some cases be as much as 80% but that is rare these days.
In the case of resales the most you can get now is 60% and then only if the developer is willing to sign the transfer which some are now unwilling to do if the buyer needs a mortgage.
It seems that the developers and the banks are conspiring to force buyers to go for new builds making it much harder to sell a resale.


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## mollymore (Jun 24, 2009)

*Ltv*

:confused2:


Veronica said:


> LTV means Loan-to-Value.
> The loan balance is compared to the purchase price or the value of the home. For an example, a loan balance of 80,000 on a home valued at 100,000 would carry an LTV of 80%.


Thanks Veronica i would never have worked that out
Mollt


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