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Mortgages in Turkey

Mortgages in Turkey

A guide aimed at the overseas property buyer buying property in Turkey

Bodrum Turkey a great place to buy Turkish property

 

Turkey

In 2005 more than 21 million tourists visited Turkey and more than 25 million are expected during 2006. This figure is expected to double over the next few years making turkey one of the hotspots of the European Mediterranean

Owning property in Turkey

Property prices have been steadily increasing. You can buy property for as little as £20,000 and right up to £200,000. The price will of course depend on the location of the property, quality of material used in construction, architectural features and the availability of local services. Turkey started full EU-membership talks in October 2005 which are factors which will contribute well for the stability of the Turkish property market.

Foreign Nationals owning in Turkey

According to the law on property purchase by foreigners in Turkey enacted in January 2006 specific foreign nationals are now able to acquire real estate in Turkey and as a result of this move the mortgage market has reacted by opening up slowly to this new found market.

The market is new and untested and will take a considerable time from application to formal mortgage offer.

Mortgages are available in Turkey for English, Irish German and Dutch Nationals only  and cover the following regions:- Turkish Riviera includes for example: Akbuk, Alanya, Antalya, Ayvalik, Balikesir, Belek, Bodrum, Cannakkale, Datca, Didim, Fethiye, Izmir, Kalkan, Kusadasi, Mahmutiar, Mersin, Mugia & Turgutreis

Mortgage rates

•           Max 80% LTV

•           Max term 20 years

•           Minimum loan €40,000

•           Euros and Sterling only

•           Repayment only

•           Max age 75

•           Current Interest Rate: from approx 6.10% fixed for 1 year in Euros or approx 7.10% 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 0.50% for all schemes throughout the mortgage term

Before you enter into any property purchase you should consider the following things:-

•           Appoint a good lawyer who can carry you through the process till completion

•           Only buy what you can afford. Do not overlook Foreign Currency Fluctuations and all closing costs.

•           Make sure you have a good Idea of what mortgage you will be able to secure prior to entering into any contract to buy

•           Remember that when taking out an overseas mortgage you will have to declare full details and your assessment will be made on the affordability to pay and not income alone

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A/YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

Turkish Property resources