What to expect when applying for a mortgage in Greece from abroad

Greece is the place to go, with over 6000 beautiful islands, vast coastlines, pristine beaches and social-media-friendly buildings, the country is a paradise surrounded by the Aegean Sea. But getting a mortgage from abroad still remains a headache for the regular consumer not willing to spend countless hours on finding and comparing options. That is where Homevest comes into the picture. We can help you understand your mortgage options in Greece and accompany you throughout the property purchase journey in order to secure you a new dream home with mortgage financing, from the comfort of your home.

Nicholas Vinberg
Written by Nicholas Vinberg
Published at 2022/11/16 19:30
Readtime 5 minutes
The Greek diaspora is estimated to exceed 5 million people and the current number of Greek citizens living and working in other EU countries or the UK amounts to almost 500,000. In addition, the lucrativeness of Greece has during the past years ever increasingly started to attract the attention of other foreigners, drawn by the scenic isles of Santorini, Mykonos, Rhodes, Corfu, Paros, Crete among others, as well as the historic ambience of Athens and other cities.

The beauty of Greece paired with a decently priced property market is why people from overseas, including Greek expatriates living abroad, are looking to buy property in the country. As a sign of this trend, the Greek mortgage market is poised to be worth 1.2 billion euros in 2022, an over 30% increase from the 900 million figure from 2021.

In order to buy your dream property, you are most likely looking at financing options. Read on to learn more about securing a cross-border mortgage for a property in Greece from abroad. Alternatively, get in touch with our team to understand your cross-border mortgage eligibility and get connected with lenders in Greece.


Mortgage requirements when buying a home in Greece from abroad


Greek nationals living abroad and buying a home back home can face preferential treatment from lenders, the terms can be summarized as:
  1. Loan-to-Value up to 75%, meaning that you need to have 25% of the property price saved up as a deposit towards the purchase.
  2. Length of repayment up to 25 years.
  3. Max debt-to-income ratio (monthly income - monthly debt payments) of 30% 
    • This requirement might differ between lenders and your specific affordability assessment.

Other foreigners, buying from both the EU and outside, might be offered more stringent terms, including:
  1. A lower loan-to-value, ranging between 60-70%, meaning that you have to contribute with 30-40% of the property purchase price from savings. 
    • The range mainly depends on a case-by-case assessment of affordability paired with country of residence and currency you earn your monthly income in.
  2. Mortgage repayment length of up to 15 years.
  3. Max debt-to-income ratio of 30%
Please get in touch, calculate your budget and compare to get a better understanding of your specific situation and mortgage options.


Types of mortgages accessible for non-resident applicants in Greece

All mortgages in Greece are denominated in euros, independent of the currency you earn your income in, meaning that the monthly repayments will have to be paid in euros.

In terms of interest rate types, also applicants from abroad have several choices when choosing the repayment scheme:

Fixed interest rate options
  • Greek citizens living abroad can choose between 3, 5, 10, 15, 20 or 25 years with rates currently ranging between 3.10-4.5%
  • Other foreign citizens are limited to 3, 5, 10 or 15 year long fixed mortgages with rates ranging between 3.1-4.2%

Variable interest rate mortgages
  • Tied to Euribor 3-month reference rate
  • Spreads, meaning the margin on top of the Euribor reference rate, currently range around 1.3-2%.

Mixed interest rates
  • Combines the two above, but the fixed interest rate payments need to precede the variable ones.
  • Choose any mix you like, starting with 3, 5, 10, 20 or 25 years of fixed payments followed by the variable rate payments detailed above. 
    • Non-Greek citizens are in this case as well limited by the 15-year-maximum repayment period.


If this read has sparked your interest in getting a mortgage in Greece from abroad, Homevest is here to help you along the process. Please contact us and we will help you in your property purchase journey.

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Homevest is a pan-euroean mortgage and homebuying platform. We strive for bringing the mortgages in the 21st century.

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🇲🇹 Malta
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