Raising Finance in Greece

Loan to Values

You can achieve 80% of valuation in Greece for property and 70% for land but this is always a percentage of valuation or purchase price whichever is the lower.

Greece Mortgage Product Ranges

You can obtain mortgages for purchase of existing property, re-mortgage of existing property and land.

Interest only and capital and interest is available for both property and land purchases.

Interest is linked to the ECB base rate and loans are provided in Euros.

The mortgage can be in personal names or company names with a guarantee from the beneficial owners.

Approval in principles are quick and efficient but you should expect to supply a lot more documented information than would be the case in some countries and originals before completion are likely to be requested.

Term

Terms are up to 25 years and most banks will expect to see the mortgage redeemed in full by the time you have reached age 70.

Costs

Total finance and purchase costs will equate to approximately 16% of the purchase price.

Your costs will be made up of

Personal legal costs 1%

Mortgage registry costs 1% of lending

Mortgage certificate � 105

Mortgage arrangement and application fees 1.5%

Valuation fees 0.50%

You will also be required to cover the legal fees of the bank up to a ceiling amount of � 1000.

Currency

Loans are granted in Euros and it repayments must be paid in Euros.

Underwriting Criteria

The banks in general work on net income and an affordability ratio. The bank will expect to see that combined debt payments including the new loan to be taken out do not exceed 50% of your after tax incomes. Rental either from the existing Greek property or investment properties elsewhere will be assessed but not at 100% of the income you derive from them. All products are full status there are no self cert products available currently.