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Equity Release - Re Mortgage - Essential Consulting
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Essential Consulting

Equity Release - Re Mortgage

Improve on Your Options

A property in the sun is something not everyone can afford;
paying for it badly is something no one can afford.

 
Improve on Your Options Whether you paid cash or borrowed from Cyprus or overseas, you can probably improve  on those arrangements.  Invariably, whatever the situation, it's possible to find ways to reduce costs, minimise risks and greatly increase your options both today and in the future. 
Recently, driven by increasing competition, there have been enormous changes in the Cyprus mortgage market, changes that can dramatically enhance your arrangements. 
Remortgage used to be impossible in Cyprus, but not any more.  Given the huge differences between the banks' products, particularly in light of recent developments, existing arrangements can usually be improved, sometimes with considerable savings. 
If you financed in Cyprus we at Essential Consulting are likely to be able to improve your arrangements.  What's on offer from the local market is far better today than ever before. Additionally, good independent advice has been hard to find historically.  This has meant that, regardless of whether the right bank has been chosen, so often the mortgage terms selected were inappropriate: sometimes it's the wrong currency, sometimes the length of term, or sometimes even the interest rate itself is simply higher than the bank's standard rate. We will assess your current financing and advice and assist you on the way ahead. 

Equity Release was unheard of in Cyprus.  If you financed from overseas or paid in cash there may be an opportunity to release equity.  It's still not actively promoted by the banks, but it's sometimes possible if you know where to look and how to present your case.  If so, you may be able to use the money currently locked in your property for whatever you wish ... sometimes people even decide to buy another one! 
If the value of your property has increased there may be an opportunity to borrow more than you were originally able, based on today's higher value. 
If you used a local life insurance company it may be possible to replace it with something cheaper from a stronger insurer.  Historically the local banks have preferred borrowers use the Cyprus insurers whose insurance premiums tend to be high.  Increasingly, certain international insurers are accepted, many of which are far stronger financial institutions, with potential for far lower costs.  Premiums can sometimes be reduced by around 60%.
 
If you are yet to complete payments you should check out all your options soon.  The banks tend to be more open to using their mortgage products if a property is not yet fully paid.  We can investigate on your behalf, but sooner is better than later. 
If you are British then be aware that, contrary to much of the information available (whether from the internet or even professional firms in Cyprus and elsewhere) British Nationals are liable for UK Inheritance Tax on their worldwide assets regardless of whether they reside in the UK, Cyprus, or elsewhere.  Importantly, this includes Cyprus property and other assets. 

Be assured, making a Cyprus will does not negate the liability, even if you've been advised otherwise.



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