Mortgage Info.

• About Mortgages in Greece
• Can I Get a Mortgage in Greece?
• How to Apply/Make an Enquiry
• Mortgage Costs
• Mortgage Process
• Mortgage Types
• Are you a Mortgage Broker?

About Mortgages in Greece

Mortgages in Greece are available for most foreign buyers, via Greek banks and are mainly arranged on an affordability basis, rather than using income multiples. Mortgage lenders in Greece normally assess the ability to service the loan, after deduction of any outstanding current credit commitments, worldwide. The amount you are able to borrow is then usually based on a percentage of this remaining amount but each case is individually assessed and judged on its own merits.

Lenders in Greece can lend up to 80% of the purchase price or property valuation, and the purpose of the loan can be for a purchase of a property or home improvements. Some lenders will accept loan consolidation into a Greek property, but this will be subject to the discretion of the lenders, similar to each lender taking rental income into consideration. When purchasing a property or obtaining a mortgage in Greece there may be certain fees payable at different stages of the process, which can include transfer fees, stamp duty, estate fees, property taxes, legal fees and valuation fees. Before purchasing a property it is very important to seek legal advice, especially before signing a contract or paying a deposit.

Mortgage loans in Greece are available on an individual(s) or company purchase basis. If a property is to be rented out, you will require a Greek Rental Licence, known as a EOT Licence, which lasts for 5 years.

www.mortgage4greece.com are able to obtain pre-approval of mortgages for customers, so whether you are at the very early stages of thinking about purchasing a property in Greece, already found your new property, or currently have a mortgage on your Greek home and wish to save money, we maybe able to help.

Lenders will also take up to 30% of the rental income into account on a property to be mortgaged, when assessing the approval of a loan.

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Can I Get a Mortgage in Greece?

I am a foreign national – can I get a mortgage in Greece?

Yes, Greece has been in the European Union since 1983 and the previous restrictions imposed for security purposes on foreigners owning property was lifted in 1992.

How much can I borrow?

The maximum loan available on a Greek property is 80% of the valuation or purchase price. 80% funding is also available for the purchase of land.

Can I get a Mortgage on any type of property?

Loans are now available to purchase any type of property, whether a small town house, apartment in a city environment, large villa or new developments.

Where can I exactly purchase a property in Greece?

Any of the Greek habitable Islands

How long does it take to obtain a mortgage?

Once you are ready to make a full application, it normally take 6 to 8 weeks to secure the mortgage on a Greek property

Do I need Insurance on the property?

Yes, it will be a condition that your building insurance is taken with the mortgage lender

Can I borrow in Euros?

Yes you can borrow funds in Euros, Sterling, US Dollars or Swiss Francs.

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How to Apply

In order to obtain a decision in principle, please complete the online enquiry form

Once approval has been given, we will then arrange for the lenders completed application to be send to you for signing and returning with the necessary documents:

• Copies of passports
• Proof of income
• Last 3 months personal bank statements
• Business accounts and last 6 months business bank statements, if self employed

THIS IS THE MINIMUM REQUIREMENTS AND THE LENDER MAY ASK FOR FURTHER DOCUMENTATION TO BE PRODUCED BEFORE ACCEPTING A MORTGAGE LOAN FOR OFFER.

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Mortgage Costs

Mortgage costs in Greece vary from the property type being brought to the purchase price being paid. Therefore the figures below are a guideline only and are not based on any particular scenario or circumstances.

You should allow up to 15% for your fees, as purchase tax is charged depending on the value of the property at between 9%-11%. Land registry fee should be around 0.4% of the assessed value, plus a small fee for stamp duty and relevant certificates. Normally real estate agents fees are paid by the vendor (seller of the property).

Property tax is normally around 0.25% of the property declared value, paid annually and a community tax of around 3% paid to the local municipality for general public services.

There is no council tax in Greece.

If the property is to be rented, you will be require to obtain a EOT Licence, this licence costs around 5,000 euros and last for 5 years. The EOT is a way of ensuring that the property lives up to the Greek tourism standards.

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Mortgage Process

The mortgage process in Greece, is very similar to the majority of many other countries but can be at times slow, due to the Greek legal and administration system.

You should be aware that property purchased in Greece, especially raising of Greek finance, can be more complicated and time consuming, therefore we would recommend that you start the mortgage process as early as possible to avoid such delays and make the buying process as smooth as possible.

Obtaining an acceptance for a mortgage, will give you the head start you need to purchase a property, this service can be arranged whether you have yet to visit Greece. Once an acceptance has been completed, you will know the range of property values you will be able to purchase at and place an offer, confidently knowing that you can raise the necessary finance to support this.

Once an offer has been accepted on a property and the sale agreed, the initial sale of contract is draw up, which would include the price, completion date and any other relevant information for the sale.  An application of transfer is then made, with deposits being paid, legal documents being drawn up and local tax numbers being registered. The property is also valued and the mortgage application reaches final sign off with the appropriate lender and the property completion date being set.

If you are purchasing an apartment “Off Plan” a mortgage can only be raised by completion of the property, however you are still able to apply for the funds and have the mortgage offer in writing, but the final survey will not take place and funds will not be made available until the property has been completed and fully inspected by the lender concerned.

Self build and construction mortgages are available for villas and townhouses. Once the purchase of the land has been registered (maximum 80% funding) into the individual names of the owners, an exclusive product will allow you to raise up to 80% of the property market value and not of the Build cost.

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Mortgage Types on Offer

• RE-PAYMENT MORTGAGES (CAPITAL & INTEREST)
• 2 YEAR INTEREST ONLY OPTION
• UP TO 80% LOAN TO VALUE OF THE PROPERTY VALUE
• NO MINIMUM TERM
• MAXIMUM TERM 30 YEARS, WITH AN AGE LIMIT OF 75 YEARS
• LOANS AVAILABLE IN EUROS, STIRLING, US DOLLARS AND SWISS FRANCS
• VARIABLE RATE MORTGAGES
• FIXED RATE MORTGAGES FOR 3, 5, 10, 15, 20, 25 YEARS
• RANGE OF FLEXIBLE CHARACTERISTICS, BUILT IN UNDERPAYMENTS, OVERPAYMENTS AND PAYMENT HOLIDAYS

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Are you a Mortgage Broker?

Do you want to work with a mortgage broker ?

Do your customers have a need for a Greek mortgage in Greece ?

Please complete this form for more details: