After the last few years of no loans being offered to foreigners, mortgages for foreign buyers will soon be available again in Greece. Today, we were invited to a meeting with representatives of one of the major Greek banks, at which they outlined mortgage schemes which they anticipate will shortly be available to foreign buyers.
They will consist of up to 50% loan to value, at a variable rate, over periods of up to 15 years and with no early repayment penalties. They will consider most amounts, on most types of properties, each case being treated individually. They will also consider land purchase, and construction loans.
Other types of loans, unsecured, for repairs and renovations will also be on offer.
Buyers will be required to provide the usual proof of income, and credit worthiness.
The bank have promised to make full details available to us shortly - they had the schemes under way at the end of 2014 but shelved them temporarily because of the elections, and now arrangements are under way again.
What is interesting is that they specifically requested to meet us, to promote the fact that they will be actively offering these facilities. In the past some of the banks used to say that ‘of course we will consider applications’ but after dragging out the process, the loans often didn’t materialise, so we are actually quite impressed.
Light at the end of the tunnel maybe?