Countries we lend for

UK

Our UK mortgages

If you feel that our UK mortgage service does not serve your personal circumstances, please get in touch with us and we shall be happy to look at your own individual case.

Our standard product for the purchase of property can be a repayment mortgage or an interest only mortgage. Click for our UK products' key features.

The Process explained

Irrespective of the property you are buying, you should:

Obtain a decision in principle from the Mortgage Lender (if you intend to borrow)
Instruct a UK solicitor
Set up a UK bank account

We recommend that you find a solicitor before you arrive in the UK so that you are ready to visit them and put the necessary Power of Attorney in place before you return to Greece.

It is also advisable for you to set up your UK bank account at the same time. If you plan to borrow for your purchase from us but do not plan to visit London, we will facilitate the process of the account opening as well as the execution of all documents involved in the mortgage through a local branch of Piraeus bank which is convenient for you to visit.

The whole process on a simple residential purchase from start to finish, assuming that your mortgage is in place and that there are no legal hitches, should not take you longer than eight weeks.

It is worth noting that after your solicitor has advised you that all is well with the property, you will be required to 'exchange contracts' and pay a usual deposit of 10%.

Legal Process

The UK legal system is not based on the Napoleonic system as in Greece but on 'case law'. It is a comprehensive and well established system which is based on property transactions going back hundreds of years. The UK also has had a Land Registry for many years so that ownership of property and past problems can easily be determined. For these reasons, 'conveyancing' (the transaction of buying or selling a property) can be carried out by persons who are not qualified solicitors.

When lending for the purchase of a property, a bank will always use the services of a solicitor and we would strongly recommend that even if you are not borrowing for your purchase you engage the services of an established solicitor.

Tax Planning

Apart from the 'stamp duty' (equivalent of the transfer tax in Greece) that will apply to your purchase in the UK, there are other taxes that you need to be aware of when planning for the future.

We strongly recommend that you seek tax advice from a qualified adviser who has knowledge of both the Greek and the UK tax systems. Depending on your circumstances and if you plan to let your UK property for a large part of the year, it may for example be better for you to set up a UK or other company as opposed to buying in your name. Remember: you will need to make a will in the UK to address your UK property

Mortgage Regulation

Since 31 October 2004 the sale of mortgages has been overseen by the City watchdog, the Financial Services Authority (FSA). Mortgage regulation brought some important changes for consumers, providing a better safety by stipulating that lenders must adhere to a raft of rules governing sales.

One of these is the requirement that borrowers are provided with a summary document which illustrates the key features of the mortgage, known as a "Key Facts" document. Being regulated by the FSA for the conduct of business in the UK, we comply with the regulation and issue the 'Key Facts' document to you shortly after our first discussion regarding your requirements and at the point of sale.

This document is aimed at helping you shop around and making the process more transparent. Regulation applies to residential properties and to buy-to-let as well as commercial property if 40% of the property (including the land) is being used as a residence by the borrower or a direct family member.

Being a Greek bank, we are not covered by the Financial Services Compensation Scheme.

Should you have a complaint about your mortgage service that you don’t feel has been resolved to your satisfaction the Financial Ombudsman Service exists to mediate in such disputes. Its services are free. Contact details and our complaints handling procedures may be found in the Customer Relations section.