Mortgages for buying property in Turkey
There are over 275,000 people from the UK already overseas property owners and this figure is set to climb a lot higher in the coming years according to the Office of National Statistics. Therefore, it is imperative to make the right choice when considering how to finance your overseas property purchase. In addition to absorbing the information set out in our Buyers Guide it is most important to study the mortgage facilities available to you as an overseas buyer.
Mortgages for Turkish Property
If you require finance to purchase your Turkey property, then our partners who are Licensed Credit Broker with over 20 years experience in the overseas property finance market could assist.
Using the Turkish property as security a Repayment mortgage could be raised, depending on individual requirements based on the valuation or purchase price, whichever is the lower, of the Turkish residential property.
CURRENTLY WE CAN ONLY LEND 80% IN THE FOLLOWING AREA'S:
TURKISH RIVIERA & ISTANBUL Turkish Riviera (includes):
Alanya -
Antalya -
Bodrum -
Datca -
Didim -
Fethiye -
Kalkan -
Kusadasi -
Mahmutlar -
Mugla
** All other areas can be considered up to a maximum loan to value of 60% - 70% on a case by case basis ** 75% LTV on residential property - in the Turkish Riviera (see above) or Istanbul only.
Minimum loan: €40,000 - making minimum Purchase Price of €50,000.
Maximum loan: €200,000 - making maximum Purchase Price of €250,000.
Fixed Interest Rates: only over: 1, 3 & 5 YEARS. Euros Only .
Euros: 1 year - 6.10% - 3 years & 5 years fixed available. Fixed Interest Rates only - no variable rates available.
If the property is to be rented out Interest rate increases by 0.60% for the duration of the loan.
Repayment terms ONLY (no Interest only available) of 5 to 20 years
Minimum age: 24 upon application to Maximum age 75 upon completion.
1st Time Buyers? YES.
Staged payment funding available? No, mortgage funds will not be released until the construction of the Turkish property is fully completed and legal registration of the Turkish property has taken place.
Re-Mortgages? No, we cannot assist if the Turkish residential property already has a mortgage on it. Equity Release Mortgage (from existing Turkish Residential property)? Yes, but ONLY if the property is 'mortgage-free'.
Affordability: 45% of NET monthly income - less existing monthly commitments (if clients also have existing 'buy to let' properties, then the rental income received from these, must cover a minimum of 120% of the monthly mortgage amount due). Incomes NOT considered: Incapacity or Disability benefits, Maintenance/Alimony or existing Rental Income. Incomes considered: All employed salary & self-employed incomes only.
Eligibility: Only EU passport holders & UK or IRISH residents ONLY & applicants with 'clean credit history' - no existing Defaults or CCJ's.
Maximum number of applicants: 2
Written Quotations Available On Request
Repayment mortgage of approx € 80,000 over a period of 20 years at an initial Fixed interest rate of approx 6.10% Fixed for 1 year = approx € 584.00 capital & interest per month = a total approximate amount payable over a term of € 143,040 including capital, interest, arrangement and survey fees.
The income criteria is variable
Bank Reference and Employers or Accountants reference if self-employed
Existing borrowing in the UK and Overseas will be taken into account
ALL ENQUIRIES WILL BE DEALT WITH ON A CASE BY CASE BASIS & ARE SUBJECT TO SATISFACTORY CREDIT STATUS & VALUATION
Please note, that as the loan is secured on the overseas property, it is not covered by the UK Consumer Credit Act or the Financial Services Authority.
Overseas Mortgage Providers
We feature a select few when it comes to reccommending mortgage facilitaors from the UK. This can be an easier way to arrange your finance or mortgage requirements before you begin your search. Listed below are some of the advantages to using some of the companies we reccommend.
More than 200 residential overseas/foreign mortgage products available in over 30 countries worldwide including Bulgaria and Turkey
Over 10 years of trading and 20+ staff experienced in conducting business with overseas and foreign lenders
Fully independent with more overseas/foreign lenders and more choice
Competitive and exclusive overseas/foreign mortgage terms
In some countries, no final arrangement fee charged by us for organising the overseas/foreign mortgage
At no cost, can internally pre-qualify your application financially, thereby saving any wasted inspection flights
Can save you time and costs (ie: phone, fax and postage) in both exploring and finding a possible lender
In-house processing and dedicated underwriting team for each country ? who are fully aware of what documentation the lender requires, their lending criteria and how to present the application, which ensures a faster mortgage offer
The use of our extensive database of other relevant professionals such as lawyers, surveyors, currency exchange and offshore company formation experts .
