Northern Cyprus Mortgages

Are you considering purchasing property in Northern Cyprus? If so, one important factor to consider is obtaining a mortgage now. With low-interest rates and no restrictions on foreign ownership of property, Northern Cyprus property mortgages offer a great opportunity to invest in this beautiful island.

”With the right mortgage, you can make your dream of owning a property in North Cyprus a reality”

We understand that finding the right mortgage and navigating the application process can be a complex task, and that’s why we have put together this comprehensive guide to help you find a property mortgage in Northern Cyprus. Whether you are a first-time buyer or a seasoned investor, this guide provided by Senilk Real Estate will provide you with the information you need to make an informed decision and move forward with your property purchase in Northern Cyprus with confidence.

With its growing popularity among foreign buyers, investing in property in Northern Cyprus is becoming an increasingly attractive option and the most important aspect is to secure the right to mortgage. A mortgage is a type of financial instrument that allows you to buy a property much easier.

Types of Mortgages

There are two types of mortgages available in Northern Cyprus: (1) Fixed Rate Mortgages and (2) Variable Rate Mortgages. Fixed Rate Mortgages offer a fixed interest rate for a certain period of time, usually between one to five years. This means that your monthly mortgage payment will remain the same throughout the fixed term, making budgeting much easier. However, after the fixed term, the interest rate will revert to the lender’s standard variable rate, which may be higher or lower than your fixed rate.

Variable Rate Mortgages offer an interest rate that can change over time. Your monthly mortgage payment can fluctuate depending on changes in the lender’s standard variable rate, which can be influenced by factors such as the Bank rate. This means that your monthly payment can go up or down, making budgeting harder.

Eligibility for a Mortgage

To be eligible for a mortgage in Northern Cyprus, you need to meet certain criteria. You must be over 18 years old and have a regular income that can support your mortgage payments. Lenders will also consider your credit history, employment status, and financial commitments before approving your mortgage application. Documents required for a Mortgage application, when applying for a mortgage in North Cyprus include:

  1. A valid passport
  2. Proof of income or bank statements
  3. Proof of employment, such as a letter from your employer
  4. Proof of address, such as a utility bill or bank statement
  5. Details of any existing debts or financial commitments
  6. Property details: purchase price and a copy of the sales contract.

The Mortgage Application Process

The mortgage application process in Northern Cyprus is similar to that in other European countries. You will need to complete an application form, provide the necessary documents, and undergo a credit check. You will need to provide the lender with documentation such as proof of income, proof of employment, and details of any existing debts. You will also need to have a valid passport and residency permit.

Once your application is approved, the lender (bank) will conduct a property valuation to determine its value and ensure that it is suitable as collateral for the mortgage. The lender will then issue a formal mortgage offer, which will include the terms and conditions of the mortgage, such as the interest rate, repayment period, and any fees or charges. Once you accept the offer, you will need to sign the mortgage agreement and pay any fees or charges, such as arrangement fees or valuation fees.
There are several banks that offer mortgages for properties in Northern Cyprus. Here are some of them:

  • Türkiye İş Bankası A.Ş. (Isbank) – Isbank offers mortgages for both Turkish and foreign nationals.
  • Creditwest Bank – Creditwest offers mortgages to both local and foreign investors.
  • Near East Bank – Near East Bank offers mortgages to both Turkish Cypriots and foreigners.
  • Garanti BBVA – Garanti Bank provides mortgages to both local citizens and foreign nationals.
  • Halkbank – offers mortgages for both locals, Turkish citizens,s and foreign nationals.

It’s important to note that each bank mentioned above may have different requirements and terms for their mortgages, such as minimum down payment, interest rates, and repayment periods. It’s recommended to research and compare multiple options before making a final decision. Additionally, working with a reputable real estate agency or mortgage broker can also provide valuable guidance and support throughout the process.

Get the best option

If you are interested in obtaining a mortgage for a property in North Cyprus, it can be helpful to work with a reputable real estate agency or mortgage broker that can guide you through the process. That’s why we recommend contacting Senilk Real Estate for assistance with property mortgages in Northern Cyprus.

Senilk Real Estate is a trusted agency with extensive experience in the Northern Cyprus property market and can help you navigate the mortgage process, from determining the best type of mortgage for your needs to finding a lender and completing the necessary paperwork. Their team of professionals can provide you with valuable advice and support throughout the process, making your journey to property ownership in Northern Cyprus as smooth and stress-free as possible.

To get in touch with Senilk Real Estate and learn more about their services for property mortgages, simply call directly at +905338502662 or send it via email: With their expertise and guidance, you can confidently move forward with your property purchase in Northern Cyprus and realize your dream of owning a piece of this beautiful island.

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