About Mortgages in Turkey
Turkish Mortgages Rates for purchasing a property in Turkey (including Turkish residential property) are from approx 5.90% in Euros. 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.
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Can I Get a Mortgage in Turkey?
I am a foreign national – can I get a mortgage in Turkey?
Only if you are UK , Irish, Belgium, or Dutch resident.
How much can I borrow?
Minimum: €40,000; Maximum: €200,000 (larger amounts may be considered on a case-by case basis), but must not exceed 75% of the valuation or purchase price (whichever is the lower) in the Turkish Riviera* & Istanbul only. Mortgages in other parts of Turkey are dealt with on a case-by-case basis.
What type of mortgage is available and what is the term?
Repayment basis only for a maximum of 20 years - up to age 75. Maximun term is 15 years if loan is below €150,000. Minimum age 24 upon application.
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). Non-Status loans are currently not available.
What is the current rate of interest?
From approx 5.90% fixed for 1 year in Euros or approx 6.90% Fixed for 1 year in Sterling. Fixed Rate loans over 3 and 5 years, also available.
Please note, that if the property is Rented, the Interest Rate is increased by 0.60% for all schemes throughout the mortgage term
Do I need Insurance on the property?
Yes, it will be a condition that your building insurance is taken with the mortgage lender
Can I borrow in Euros?
Yes you can borrow funds in Euros.
* Turkish Riviera includes: Alanya, Antalya, Bodrum, Datca, Didim, Fethiye, Kusadasi, Mugia & Mahmutiar.
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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 passportsProof of incomeLast 6 months personal bank statementsCurrent loan or outstanding credit statementsLatest Mortgage statement (home loan)Business accounts and last 6 months business bank statements, if self employedTHIS IS THE MIMIMUM REQUIREMENTS AND THE LENDER MAY ASK FOR FURTHER DOCUMENTATION TO BE PRODUCED BEFORE ACCEPTING A MORTGAGE LOAN FOR OFFER.
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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.
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 Property” 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.
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Mortgage Types on Offer
RE-PAYMENT MORTGAGES (CAPITAL & INTEREST)MAXIMUM TERM 25 YEARS, WITH AN AGE LIMIT OF 75 YEARS. MAXIMUM TERM IS 15 YEARS IF LOAN IS BELOW €150,000LOANS AVAILABLE IN EUROS ONLY
