Raising finance to buy property in Crete can be a sticking point for some who dream of owning a home here on this beautiful Greek Island.

Methods of raising the finance for your Crete property include:

  • Cash
  • Remortgage existing property
  • UK mortgage
  • Greek mortgage
Cash Sum

If you have cash to pay for your Crete property - lucky you!

If it is in UK pounds then you will have to convert this to Euros to pay for your Crete property. Many people when buying abroad choose to use a specialist currency transfer service to transfer funds to pay for their property. And if you are making staged payments for a Crete property you are having built a currency transfer service company can plan your payments so that you obtain the best exchange rates and pay minimum transfer fees. See Money Transfer companies.


By releasing equity in your first home this means you can buy your second home outright without the need for getting another mortgage. Obviously you will need to have sufficient equity in your current home to do this. Contact your mortgage provider to explore this option.

UK Mortgage

You can get a mortgage to buy your second home from a UK lender. In the UK, Norwich & Peterborough, Barclays and Abbey National lend money for holiday homes. If you use a UK lender, most will give you 60%-80% of the property value. The mortgage term is shorter at 15 years rather than 25 years.

Greek Mortgage

A Greek mortgage is available only in Euros. The minimum loan amount in Greece is 35,000 Euros, and there is no maximum loan amount stipulated.

When it comes to loan terms, there is no minimum term of lending, but the maximum loan term is 25 years. The maximum age limit on mortgages is 70 years old.

In Greece, and of course Crete, borrowers can take out a mortgage to buy property, improve their house, or purchase land. Maximum loan offered is 80% of the purchase price or value, depending on which is lower.

Loans are also only provided to borrowers who can fully prove status – income and outgoings.

If you are employed, you will need to produce your last three months payslips, P60/employers reference and your last 6 months personal bank statements. If you are self-employed you will need copies of your Audited Accounts together with your last 12 months business and 6 months personal bank statements.

Greek lenders will not take into account any proposed rental income from the property that you wish to buy. Your loan will be based on your personal 'net' pay, and is calculated on an affordability basis. For you to be considered by the lenders in Greece your total outgoings must not exceed 35% of your net monthly income.

Just some of the reasons we love Crete...

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