There are several things to consider when thinking about raising finance for any prospective house purchase. The system in Greece is quite alien to that in the United Kingdom. There are two prices for every house - the real price and the price the Greek government says it should be. Think of it a little like rateable value. Property purchase tax has to be paid to the government when you buy here. It is assessed on the government estimate of the value, unless you choose otherwise. You can if you wish exchange contracts at the real value of the house and pay extra tax. This method also puts up your legal bill as both solicitors and notaries are paid on a percentage of the contracted price.
Since you will probably want to avoid paying too much tax, what you must remember is that any lender will only lend a proportion of the contracted price. Obviously every buyer's circumstances are different, but in general raising a second mortgage on a UK property tends to be more cost effective than arranging a mortgage here. However, what is relatively easy here is obtaining a loan for renovation/home improvement purposes.
Whilst we can help you to some extent, if you need advice from a qualified source, we suggest Conti Financial Services who are expert at arranging finance in this area.
Banks operating locally in the area are:
Alpha Bank
Bank of Greece
Eurobank
National Bank of Greece
Piraeus Bank
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