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Turkish Mortgage Finance

Whilst the general progress of opening up the new Turkish mortgage system to foreigners still has some way to go, major Turkish banks and UK brokers are working together to offer UK, USA and EU citizens a wider range of mortgage products, including equity release/ remortgages and off plan mortgages *for certain developments, which have previously been unavailable.

Mortgage products for UK residents:

• Max 75% loan to value
• Loan rate currently 7.75% Sterling standard variable
• Loan term up to 15 years
• Security of loan: Turkish property
• No minimum or maximum loan value
• Loan type: repayment mortgage
• Age requirement: over 18
• Available for completed property and off plan projects 6 months away from completion
• Minimum early repayment costs. Only £475 if fully repaid in the first 3 years.
• Apply online

Mortgage products for EU and US citizens:

• Max 65% loan to value
• Loan rate currently 8.4% Sterling/7.8% Euro/ 8.4% USD/YTL also available
• Loan term 5 to 20 years
• Security of loan; Turkish property
• Minimum loan €30,000 with no maximum
• Loan type: repayment mortgage
• Age requirement: 25 to 70
• Available for completed property (defined at 75% complete), equity release/remortage and off plan mortgages for pre approved developers and developments.
• Early repayment penalty 2%

Benefits

• Self employed and retirees accepted
• No geographical restrictions in mainland Turkey
• Full rental income taken into account in income assessment
• Fees can be added to borrowing without affecting the amount that can be borrowed
• Loan offers last for 4 months with the option to extend to 18 months ideal for financing off plan investments.
• Quick turnaround for remortgages and the ability to borrow approximately €40,000 for any purpose repayable over 5 years at the rate of your selected loan currency.
• Apply online

For further information please contact us.