On A Swiss Roll In Cyprus

Feb 10 2008 Laura Davidson

Place In The Sun Mum's Foreign Mortgage Knowhow Buys Duncans A Holiday Pad By The Med

Lorraine and Tommy Duncan are soaking up the sun in their Cyprus holiday home - thanks to a Swiss mortgage.

Lorraine, 41, and Tommy, 55, had fancied taking a leap on to the foreign property ladder for a while.

They were unsure how far their modest budget would stretch but after an inspection trip with Atlas International, they have snapped up a two-bed apartment in Cyprus for just over £100,000.

The Duncans put down a 20 per cent deposit on the property, which cost £82,915CY (£105,649).

They are paying the balance by taking the unusual step of opting for a mortgage that will be repaid in Swiss Francs.

Lorraine said: "Because I'm a mortgage advisor I knew that taking a mortgage in Britain or in the country where you're buying isn't always the best option.

"The Swiss mortgage has a low fixed rate of interest."

Lorraine and car rental assistant Tommy went on holiday to Cyprus for the first time in 2006.

Lorraine said: "Everything about it appealed to us.

"The beaches and the landscape are beautiful, the people are friendly, the food is fantastic and it's a huge bonus that they drive on the same side of the road as us.

"There is a fantastic climate. We visited in November and the temperatures were still in the 20s.

"It's ideal if we want to escape Scotland for some winter sun." In June last year the couple, of Simshill, Glasgow, began to think about buying abroad and went to a property exhibition organised by Atlas.

They had already booked a family holiday to Cyprus's east coast and were looking for advice on properties they could consider while there.

Unfortunately nothing in that part of the country fitted the bill and it was back to the drawing board. After another meeting with Atlas, the couple set up an inspection trip to the Paphos area last November.

Lorraine said: "We knew immediately it was much better suited to us.

"We were taken to see a development in the village of Mandria, a 10-minute drive from Paphos.

"We instantly loved it because it's a sleepy wee place, ideal for families but if you want a more lively holiday Paphos is just a short drive away."

The couple's two-bed apartment is in the Zephyros Village development. It has a spacious open-plan living area and two large balconies - one with a view to the communal pool and another out to the sea.

It's 5km from Paphos airport and many of the island's big attractions are close by, including the birthplace of Aphrodite and golf courses.

The Duncans' apartment was complete when they went to view it but it won't be released until the development is finished in 2009.

Lorraine said: "We don't mind waiting - we'd rather that than take possession of the apartment on what's basically going to be a building site for the next year. "We'll just have to be patient."

Lorraine, Tommy and son Greg, 17, are now counting down the months till they can have their first holiday in their new pad.

Lorraine added: "We'll make a trip out later this year to buy furniture.

"The apartment is a great investment and it would be nice to think we could one day retire out there.

"In the meantime, it's just going to be a great place for holidays."

FACTFILE

Cyprus, the third largest island in the Med, is the third most popular destination for British homebuyers, after Spain and France.

Paphos enjoys many of the benefits of city life such as a modern infrastructure and telecommunications system, excellent medical and educational facilities, sports and leisure activities and a European banking system.

The island has a double taxation treaty with the UK, which means retirees living in Cyprus pay just five per cent tax on their pension and income over £2000, plus there is no inheritance tax.

The official language is Greek but around 90 per cent of Cypriots speak English. The law and commercial banking systems are based on the British system and crime rates are low. Fuel prices are a third cheaper than the UK, as is the general cost of living.

Cyprus is a full member of the EU, which means fellow Europeans can freely move there to work.

For more information on Atlas International call 01698 429 212 or visit www.atlasscotland.com