LifeStyleHomes > Mortgages - General

Most Greek banks are now offering mortgages to those wishing to invest in land or property in Greece.  The mortgage is secured against the property or land to be purchased and joint mortgages are available.   

To make sure you understand all of the documentation you will be dealing with it is essential you have a Greek lawyer who speaks fluent English.   Although in most Banks the person dealing with mortgages for non Greeks speaks good English.

Usually mortgages can be for a maximum of 20 years but must be paid in full before the age of 70

One of the benefits of a mortgage from Greek banks is the rate of interest which is usually based on the Central European rates and not the UK rates which are higher.

Although it may vary, depending upon the bank you are approaching, usually mortgages are available for a maximum of:

60% of the value of land     

70% of the value of property

There are usually Bank fees attached to the setting up of the mortgage and they need to be discussed at an early stage of negotiations.   The charges are usually in bands; however, some banks may be willing to waive charges.

You must also be aware that there is a government fee which is 1% of the loan.  

Property must also be insured for fire and seismic shock. Most insurance companies have staff who speak good English.