|
Mortgage Information
The Turkish Government now allows non-residents to obtain mortgages for customers of varying status and age. Cases are treated privately on an individual basis.
We will ensure that the mortgage process is made as smooth as possible and assist with every aspect of financing the Turkish property purchase in Turkey.
The financial sector is very competitive, and constantly changing. Our familiarity with the local market, plus our vendor independence means that we are not tied to any particular mortgage provider; this allows us to find the most competitive Turkish mortgage products for you.
Access to other professional services, including solicitors, property management, architects and rental companies, is all part of our sales service to you.
Mortgages Rates for purchasing Turkish residential property are currently relatively low, with the Japanese Yen amongst the very lowest. The Euro, Sterling, Swiss Franc and US Dollar are also good value at this time..
It is important to note that if the property is being built, funds will not become available until completion and the property is legally registered in your name.
Most foreign nationals are able to purchase a property in Turkey, See further details via the f.a.q.s button. Turkish Mortgages can be obtained either for house purchase or re-financing for home rovements. Mortgages for other purposes may also be considered.
What are the upper and lower limits for borrowing?
Minimum: €30,000
Maximum: Up to 85% of the purchase price. 100% mortgages can be
available if the property is purchased at a significant discount.
Who Can Apply for a Mortgage in Turkey?
Please select the following page on this website for further information on this subject. The page also has a link directly to the Turkish Embassy webpage, in London. The webpage has very comprehensive information on purchasing property by foreigners.
What type of mortgage is available and what is the term?
Repayment basis only for a maximum of 20 years - up to age 75. Maximum term is 20 years.
What proof of income do I require?
Required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available).
Current rate of interest?
Contact us for a comprehensive breakdown of current interest rates.
Do I need Property Insurance?
Yes! This is a condition of the mortgage.
What currencies can I borrow in?
You may borrow in any of the following currenties: the Japanese Yen, the Euro, Sterling, Swiss Franc and US Dollar. These all represent good value at this time are also good value at this time..
A sample Application Form can be found on the following link: application form
Complete this form to determine your provisional mortgage status.
Once approval has been given, we will then arrange for the lenders completed application to be send to you for signing and returning with the necessary documents:
Certified copies of passports
Proof of income
Self employed – 2 years accounts and tax returns
Employed – 3 months payslips and latest P60
Last 3 months personal bank statements
Current loan or outstanding credit statements
Latest Mortgage statement (home loan)
Business accounts and last 6 months business bank statements, if self employed
Credit report. If you have adverse credit, please still contact us – we can still assist you.
THIS IS THE MIMIMUM REQUIREMENTS AND THE LENDER MAY ASK FOR FURTHER DOCUMENTATION TO BE PRODUCED BEFORE ACCEPTING A MORTGAGE LOAN FOR OFFER.
The mortgage process in Turkey, is very similar to the majority of
many other countries but can be at times slow, due to the Turkish legal and administration system.
If you have found a property in Turkey and made a deposit, we would advise that you contact us as soon as possible. Our advice and mortgage quote service is free of charge and you are under no obligation.
You
should be aware that property purchased in Turkey, especially raising
of Turkish finance, can be more complicated and time consuming,
therefore we would recommend that you start the mortgage process as
early as possible to avoid such delays and make the buying process as
smooth as possible.
Obtaining an acceptance for a mortgage, will give you the head start
you need to purchase a property, this service can be arranged whether
you have yet to visit Turkey. Once an acceptance has been completed,
you will know the range of property values you will be able to purchase
at and place an offer, confidently knowing that you can raise the
necessary finance to support this.
Once an offer has been accepted on a property and the sale agreed, the initial sale of contract is draw up, a contract is normally drawn up, which would include the price, completion date and any other relevant information for the sale. An application of transfer is then made to the land registry, with deposits being paid, legal documents being drawn up, local tax numbers being registered. The property is also valued and the mortgage application reaches final sign off with the appropriate lender, with the mortgage offer being released and the property completion date being set, subject to the title deed transfer timescale, as the title deeds need to be in the same names as the mortgage application.
If you are purchasing a property “Off Plan” a mortgage can only be raised by completion of the property, however you are still able to apply for the funds and have the mortgage offer in writing, but the final survey will not take place and funds will not be made available until the property has been completed and fully inspected by the lender concerned.
Please note that in all cases you will need to have been granted clearance to purchase your property from the Turkish Ministry of Defence. Usually your vendor will apply for this so make sure you are not short changed in any of your negotiations.
RE-PAYMENT MORTGAGES (CAPITAL & INTEREST)
MAXIMUM TERM 20 YEARS, WITH AN AGE LIMIT OF 75 YEARS.
LOANS AVAILABLE IN EUROS, SWISS FRANCS, STERLING, JAPANESE YEN AND US DOLLARS
FIXED RATES FROM ONE YEAR TO 20 YEARS ARE AVAILABLE. TRACKER RATES ALSO AVAILABLE.
Note 1: Failure to keep up with your home repayments schedule can lead to your home being repossessed.
Note 2: Exchange rate fluctuations may increase the sterling equivalent of your debt.
Any chosen mortgage will not be a regulated mortgage contract under financial services
authority rules. You will not be protected by FSA.