Turkish Mortgages
Banks in Turkey use an affordability calculation and you can usually borrow up to 50% of your net monthly income, so before you begin your search for a property in Turkey, it is wise to calculate your budget. Mortgage lenders will offer loans up to 75% of the purchase price or valuation, which is usually higher. Self certification mortgages are not yet available in Turkey.
Even if you may not require a mortgage in Turkey at this time, we would still advise speaking to our advisor before committing to any property purchase. With our experience in the market, we can help you find a good deal whether you are looking for a holiday home, permanent home or investment property.
Previously unavailable in Turkey, new legislation allows foreigners to obtain a mortgage to buy off-plan property, which is excellent news for investors and those who don’t have 30-40% in cash to put down. Deniz Bank is the first Turkish bank offering this type of mortgage, but it is likely that most of the major banks will follow on.
Mortgages for off plan property in Turkey currently apply to EU, USA, Australian and New Zealand citizens only.
The Mortgage Application is generally very easy, but the process can be slow due to the administration system in Turkey. If you are genuinely interested in buying a property, it is possible to obtain a pre-acceptance before you start viewing property. This will give you a much better idea of what you can afford to buy before you start looking. Contact us and we will ask our UK based Turkish Mortgages advisor to call and help you with your requirements whether it is to apply for a mortgage, for financial advice, or to obtain a ‘Mortgage in Principle’ offer.
We look forward to hearing from you.
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