== Broad guideline in money matters == From mortgage assistance and contracts to exchange rates and savings, our extensive knowledge and network of financial and legal professionals will ensure that you receive the best advice as well as help to maximise your buying power. As a broad guideline the terms below are an outline of the mortgage terms on offer for purchase of residential property:- 1. Loans are available to the majority of nationalities for either house purchase or refinancing existing property or for home improvements 2. Loans can only currently be arranged on a ' Repayment ' basis. 3. The minimum loan is CY £12,000 and maximum CY £250,000 for no more than 70% of value. 4. In all cases proof of income will be required (to include pension income and any investment rental income) as ' non status loans are not available' . 5. The terms of the loan in Cyprus pounds can be for a maximum of 25 years. - up to the age of 65 years. (only for CYP) 6. Loans in all major currencies are available with a maximum term of 10 years 7. The prevailing interest rate for loans in Cyprus pounds is currently 5.5 base rate% + 1.7% margin. 8. If the applicant is a UK resident then you can also consider refinancing your existing home to provide the 30% equity contribution. 9. Issue of loans is subject to the discretion and approval of the financial institution. == Cyprus well placed for EURO entry in 2008 == Cy Mail 10 January 2006 Euro zone hopeful Cyprus is well placed to join the single currency on schedule in 2008, an International Monetary Fund official said yesterday “Cyprus is sailing very safely on the euro adoption on January 1, 2008 and I think the sooner the better” said Joroen Kremers, an executive director of IMF. Fiscal slippage which saw the deficit spiral above the 3.0 per cent of the gross domestic product limit set by th EU in previous years frustrated the target of adopting the currency earlier. Kremers, who is Cyprus’ representative on the IMF executive board, said the island’s economy was well adjusted for the transition. “It’s a matter of getting it over with. There is no uncertainty that this will happen. The economy is well adjusted, the only (outstanding) issue was in its fiscal domain”. Although Cyprus administration has officially set January 1, 2008 as its Euro zone target, senior members of the governing coalition have floated the idea of shifting the target back a year until 2009. Members of Akel, the largest party in the governing coalition, wants the delay to buffer the population from the economic shock caused by the transition, however other parties & government were against such a move. The Cyprus pound has joined the currency stabilization grid designed to prepare tadeoption of the euro in april 2005. The pound should be in the mechanism, which allows limited fluctuation of the currency against the euro, for a minimum of two years.