Can anyone provide information about the process for obtaining a mortgage and interest rates in Cyprus. Also does anyone have any information about the palace Heights development pricing/website etc.

Hi Alan I found Emporiki in Paralimi to be the most flexible and offered the best rates. For example, I got an interest only mortgage for 5 years in Swiss Francs. They insist upon life insurance but as it is more expensive in Cyprus they allowed me to take UK cover and assign it over to them. If you trawl through you will find lots of other posts on the subject. Good luck Pete

Hi May I ask Peter (or anyone else) what rate you were offered with the Swiss Franc mortgage. Regards Mags

Further to Pete's response, I also used the Emporiki in Paralimni for my mortgage early last year. The process was quite straight forward, the paperwork required similar to a UK residential mortgage application, and the guys at the bank were very helpful and quick to respond to any queries. At the time there were 2 options - a 70% LTV in Euro's/Swiss Francs etc or 80% LTV in Cyprus pounds. Whilst the interest rate was significantly greater on the CYP mortgage, for me the additional 10% LTV outweighed the extra monthly cost, especially given that Cyprus are due to adopt the Euro at the beginning of '08, which will lead to a reduction in the interest rate. There were also optional periods of interest only payments (between 6 months and 2 years). Adrian

My aim was as low as possible for as long as possible. I got an 80% LTV on a property costing CYP132.500 therefore borrowed CYP106,000 at rate of CHF Libor (was 1.5 now nearer 2.5) plus 2.25 margin but interest only for the first 5 years. This was agreed last May.Hope this helps Pete

Thank you all for the advice, I will folow up with Emporiki. Regards Alan

hi Pete What sort of set up costs did you need to pay? Thanks in advance craig