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Mortgages are now available to foreigners wishing to
purchase a property in Turkey. To receive no obligation advice on
Turkish Mortgages or Equity Release Mortgages, from an independent
mortgage company based in the UK, regulated and governed by the
British Financial Services Agreement, (FSA)
please click here to complete an Enquiry Form
Turkish Mortgages for Buying a Property in Turkey
Loans are available for Turkish completed property only. Please
note - that if the property is being built, funds are not available
until completion and the property has been legally registered in
your name (off plan not available)
Turkish mortgages are available for either House Purchase or
re-financing for Home Improvements. Mortgages for any other purpose
will not be accepted.
Mortgages are based on Repayment only. (Capital & Interest)
You can apply to borrow funds in Sterling or Euros. Minimum loans
is 40,000 Euros, ( £28,000) Maximum is 200.000 Euros, (£138,000) but
must not exceed 80% of the valuation or purchase price (whichever is
lower) in the Turkish Riviera & Istanbul only. Therefore a minimum
deposit of 20% will be required by yourself to be placed in to the
property. Current Areas included within the mortgage companies
grouping of Turkish Riviera resorts includes: Alanya, Antalya,
Bodrum, Datca, Didim, Fethiye, Kusadasi, & Mugla. However, more
areas will be included over time.
Proof of income & status is required in all cases.
Maximum Term 25 years - up to aged 75
Currency - Euros or Stirling only
Current Rates: 5.90% fixed for 1 years in Euros or approx 6.90%
fixed for 1 year in Sterling. Fixed rates are also available over 3
and 5 year terms.
Please Note: If the property is rented out, the interest rate is
increased by 0.60% for all schemes throughout the mortgage term.
Due to finance regulations, this mortgage service is currently
only available to residents within their own home countries. The
above information applies to British residents and is subject to
terms & status.
Mortgage and Buying Process in Turkey
The mortgage process in Turkey is in its infancy and can be very
slow. If you wish to arrange finance to support your property
purchase in Turkey, we strongly advise that you speak to a financial
advisor before visiting Turkey to view properties. Once you have
received acceptance for a mortgage in principle, you will be able to
view properties with confidence, knowing that you have the financial
means to support your decisions, rather than face disappointment at
a later date.
Once you have identified a property, contracts are drawn up and the
mortgage company will arrange for a property evaluation. Subject to
meeting the terms and conditions agreed by the mortgage lender, you
will be issued with a formal mortgage offer for the property you
wish to purchase. Mortgage funds will only be released once the
title deeds of the property are transferred into your name.
Due to mortgages being a new concept to both Turkish and foreign
nationals, a cash buying property culture still predominates. This
enables property sales to complete very quickly and Turkish
nationals can complete a sale in one working day, complete with
credit and local authority searches. Therefore, until mortgages
become the normal process for buying property in Turkey, you will
find that equity release will give you more freedom to buy the
property you want as a cash buyer and complete the purchase more
quickly.
The UK mortgage company we use can offer you access to a number of
equity release mortgages. As they are independent of any lenders
they are able to search all the products on offer, to guarantee you
the best mortgage rates. Currently it isnt possible to obtain a
Turkish mortgage for an off plan property but if you have equity in
your UK home, you can opt for an equity release mortgage, and then
switch to a Turkish mortgage once the property deeds are registered
in your name.
For more information on Turkish Mortgages or Equity Release
Mortgages, please
click HERE. |