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Sungur: A mortgage bill has been proposed for approval by the end of this year, in northern Cyprus.
The plans aim to increase property market, and some experts suggest that the measure will also benefit ex-pats.
A draft mortgage bill prepared by the Union Realtors has been submitted to the Prime Minister.
Union President, Hasan Sungur, said he believed the new law will be adopted before the end of 2008 and would bring significant benefits to home buyers, especially expatriates.
It will, he says, be a boom in the property market in Northern Cyprus, too. "Instead of going for cheaper homes that suit your pocket, those who come from England or elsewhere can buy more expensive houses completed "Said Mr. Sungur.
It means that people may need to avoid offered as a three-bedroom house for $ 60,000.
People often choose this type of offer, because that is the amount you have available. However, this causes problems for them because it is impossible to complete a house with that much money, and the link among the topics: Bill and housing markets mean that house prices in Northern Cyprus – has already accepted an increase – that continue after the initial boom peak.
"People tend to buy what is most appropriate for them than they can find. This creates problems because contractors are not sure how real estate agents do.
"They have a mechanism of punishment for acts of fraud. The Mortgage Act will give people more choice and will not limited by the amount of money they have, "he said.
Mr Sungur said the buyer does not have to take risks with £ 50,000 and £ 60,000 just because the house is cheap and your budget covers only that amount.
"With mortgage legislation, may be buying property that cost £ 100,000 or £ 150,000. These houses were completed and a buyer can move into a completed home without facing any problems. "
Mr Sungur said that most of mortgages available in the TRNC were actually straight loans, with potential home buyers have to obtain a bank guarantee and provide guarantee for towing a loan, and some have suggested that this could in the long run become detremential the supposed benefits of the new mortgage law.
With the draft legislation mortgage, a mortgage of up to 75 percent would be available to people who can not provide two guarantors. With the guarantees in place, 100 percent mortgage could be offered.
Mr. Sungur also added that interest rates on mortgages will be low, at least lower the present value of interest set by the State.
"It's definitely less than the interest rates of banks. So much for the Turkish Lira and foreign currencies," he said.
English-style mortgages have been offered for the first time in northern Cyprus this year, with Lewis providing finance offers up to 70 percent in a period between five and fifteen years.
About the Author:
Linda Cartwright is a property expert specializing in
Northern Cyprus property
for Meridies Homes real estate agents in Northern Cyprus.
Article Source: ArticlesBase.com – Mortgage Bill by End of Year to Boost Property Market in Northern Cyprus
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