|
Mortgages for property in Turkey
Turkish Mortgages Rates for purchasing a property in Turkey (including
Turkish residential property) are from approx 4.80% in Japanese Yen.
Other currencies are available Euros, Sterling, Swiss Francs and US
Dollars.
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.
If you are considering purchasing a property in Turkey, Turkish
Mortgages are available for the majority of Nationals for either House
Purchase or re-financing for Home Improvements. Mortgages for other
purposes may also be considered.
-------------------------------------------------------------------------------
Can I Get a Mortgage in
Turkey?
I am a foreign national can I get a mortgage in
Turkey?
Almost any nationality can now apply not just UK and Dutch residents.
How much can I borrow?
Minimum: 30,000
Maximum: Up to 85% of the purchase price. 100% mortgages are available
if the property is purchased at a significant discount
Regions: Any region in Turkey
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).
What is the current rate of interest?
From approx 4.80% fixed for 10 years in Japanese Yen or 6.40% fixed for
one year in Euros. Sterling rates start from 7.90% fixed for one year.
Longer term fixed rates and tracker rates are also available. Contact us
for a full breakdown of rates we have available.
Do I need Insurance on the property?
Yes, it will be a condition that your building insurance is taken with
the mortgage lender
What currency can I borrow in?
You can borrow in Japanese Yen, Swiss Francs, Euros, Sterling or US
Dollars.
What if I have adverse credit, like late payments,
CCJs or defaults?
Please still contact us we have an option for you even if your credit
has not been perfect in the past.
[
Back to Top
]
--------------------------------------------------------------------------------
How to Apply
In order to obtain a decision in principle, please complete the online
application form
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.
[
Back to Top
]
--------------------------------------------------------------------------------
Mortgage Process
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.
[
Back to Top
]
--------------------------------------------------------------------------------
Mortgage Types on Offer
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.
[
Back to Top
]
|
|
