As Turkey continues to be a popular destination for UK investor’s and properties still remain at affordable prices, now is a good time to look at the mortgages available..
A maximum loan of either 8o% loan to value Maximum term of loan amount is 15 years They tend to lend minimum loan amounts which are around £25,000
Rates from around 7% GBP
Taking out a Turkish mortgage is very popular and figures are increasing, the market is developing and it is becoming competitive which is a good thing for the investor. Mortgages for foreigners only came in to play in 2007 so it is still relatively new to Turkey. The availability is generally good and foreigners are asked to give proof of wage slips etc as one would in the UK for example. With this in mind lenders still prefer to shorter lending terms therefore 10-15 years is considered the norm and around 7% is typical. Another bonus is the lender carries out legal checks on the property and arranges a valuation. Mortgages for foreigners are usually in Sterling or Euro and this is advisable for an overseas mortgage to avoid any exchange rate issues as we are all aware the market fluctuates.
Sample Quotation – Valid Feb 2020
Amount borrowed £25,000
Term 10 years
Monthly Payment £288.50
Amount Borrowed £40,000
Term 5 years
Monthly Payment £792.05
Products available for employed and self employed
As in the UK, market place products are changing continually, to request a live quotation, just let us know the amount you wish to borrow and the length of time you wish to take this over, email us on:-