MED FINANCE LIMITED Welcome to Med Finance Mortgages, an innovative new way to purchase property in North Cyprus, with up to 90% Mortgage Finance available on a self certification basis. You may however find it cheaper to raise finance in the UK, perhaps through a re- mortgage of your existing UK home, releasing equity that may have built up with increasing property values over the past few years. While considering the finance available from Med Finance Limited please consider at with publication of this literature, HSBC Bank in North Cyprus you could expect to receive an interest rate of up to 12% on a saving account deposit. The interest rate charged on Cyprus mortgages needs to be viewed in this context. Med Finance Limited, a company incorporated and existing under the laws of the Turkish Republic of Northern Cyprus, can offer you the required finance subject to terms and conditions. The following points should be noted: On a new purchase, finance is available of up to 90% of the agreed purchase price. There are additional costs of purchase which need to be financed form your cashflow, these include: 5% VAT, the cost of additional items, taxes and other sums payable at completion For those who already own a Medview Home, Med Finance can offer a remortgage of an existing Medview built property for up to 50% of the current value of your property, but the proceeds may only be used towards the purchase of another Medview property. All loans, interest payments and repayments will be in GB Pounds Sterling. The loan, together with interest, must be repaid over the term of the loan agreed. The term may be between five and ten years, although there is provision for early repayment on not less than one month’s notice every six month during the loan and provided that the amount repaid is not less than 10% of the then balance outstanding. An arrangement fee of £1,500 is payable on taking out the mortgage. This cannot be added to the mortgage and must be paid in cash. Fixed monthly payments are made over the term of the mortgage. On a ten year term the sum of £159.76 is paid each month for every £10,000 borrowed. Over the period of the loan the average interest payable each year amounts to 9.17% The loan agreement contains provisions which penalise you in the event that you fail to keep up the monthly payments and may ultimately lead to you losing your rights to the property. If you decide not to proceed with the mortgage then you must notify Medview Homes Limited of 43 Newington Green London N16 9PX, acting as agent for Med Finance Limited, of your decision within six months from reserving a property. You will otherwise be committed to take up the mortgage on completion and failure to do so will result in an administration charge equal to three months’ repayments being added to the completion statement. The developer will not permit completion to take place unless this fee together, with all other sums properly set out in the completion statement are paid in full. Med Finance is negotiating with a number of banks in North Cyprus with a view to their taking over administration of the mortgage. Medview Finance reserves the right to transfer your mortgage to a bank provided that the terms are no more onerous than as agreed with Med Finance You will have the right to redeem the mortgage at any time. Although the interest rate may seem high compared to prevailing interest rates in the UK it should be noted that currently it is not possible to mortgage in North Cyprus and the rate charged compares favourably with other de velopers who are offering mortgages. As mentioned above interest rates in North Cyprus are also considerably higher than in the UK. This mortgage is offered by a North Cyprus company and is governed by TRNC laws and regulations.
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