2009-09-12100% Financing for your Purchase

Aegean Homes are constantly looking for ways in which property purchase here on Rhodes can be made easier and more affordable, particularly in regard to the types of financing that may be available. 

In recent months the Greek lending institutions have been reluctant to offer 100% financing as they had previously.  Their cautiousness is of course understandable, and confirms the general trend that banks have always been sensible in their lending criteria here.  As a result, mortgage debt is low which in turn prevents price cutting in order to repay loans, therefore helping to sustain property prices across the island.

We learned recently that 100% financing for a purchase may be available.  This is a significant improvement on the current 60 - 70% typically offered by the banks.  We have researched this a little further.  In a positive move, the Greek government appear to be trying to move the economy forward by providing certain guarantees on mortgage lending.  We have found that 75% of the loan to value can be offered by a bank, and the further 25% of the loan is guaranteed by the government itself.   However, this strategy is aimed at local purchasers only in a bid to stimulate the local economies

Alternative and more flexible finance options offered by Aegean Homes include the following:

- shared ownership between the customer and Aegean Homes.   Offered to customers who require a period of time to repay to Aegean Homes the remaining balance left after mortgage dispersal and personal contributions.  Also offered to customers who would like to reapply for a mortgage once the bank's lending ratios improve.

- use of rental income by Aegean Homes to repay Aegean Homes after mortgage dispersal and personal contributions until outstanding amount is clear.

- fractional ownership - for customers who would like to share the equity of a property amongst family or friends.  This reduces the individual customer's borrowing requirements, whilst still providing them with a period of time each year in which to use the property for their own (or others') use.  This is particularly helpful for families, or for those seeking investment only.  Investors receive the rental income for their alloted period of rental, whilst watching their equity share increase in value as property prices develop. 

These are just a few of the ways in which Aegean Homes can make villa ownership achievable here on Rhodes.  If you would like to discuss these options in more detail do call Louise Mahon on 0800 783 2285, 0030 22440 31617 or alternatively email louise.mahon@aegeanhomes.com 

Aegean Homes formed in 2001 by David Knight who has brought more than 30 years of construction expertise with him to the beautiful Island of Rhodes. Aegean Homes is a professional development company regarded as one of the most reliable, reputable and comprehensive suppliers of exclusive properties on Rhodes Island.

Aegean Homes provides expertise to their international clientel ensuring that buying a property abroad is an enjoyable, hassle free experience. The quality, designs, finish, pools and locations of our villas has resulted in Aegean Homes growing to be one of the largest developers on Rhodes Island.