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About Mortgages 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.
We are able to obtain pre-approval of mortgages for customers, so
whether you are at the very early stages of thinking about
purchasing a property in Turkey, already found your new property, or
currently have a mortgage on your Turkish home and wish to save
money, we maybe able to help.
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.
How
to Apply
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.
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.
Mortgage
Types on Offer
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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.
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