Mortgage Process in Turkey

The Turkey 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.