Turkish Mortgage Center: Faq, Types, Process

About Mortgages in Turkey

Turkish Mortgages Rates for purchasing a property in Turkey (including Turkish residential property) are from approx 4.80% in Japanese Yen. Other currencies are available – Euros, Sterling, Swiss Francs and US Dollars. Please note, that if the property is being built, funds are not available until completion and the property has been legally registered in your name.

If you are considering purchasing a property in Turkey, Turkish Mortgages are available for the majority of Nationals for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered.

Step IN Property are able to obtain pre-approval of mortgages for customers, so whether you are at the very early stages of thinking about purchasing a property in Turkey, already found your new property, or currently have a mortgage on your Turkish home and wish to save money, we maybe able to help.

Can I Get a Mortgage in Turkey?
I am a foreign national – can I get a mortgage in Turkey?
Almost any nationality can now apply – not just UK and Dutch residents.
How much can I borrow?
Minimum : €40,000.
Maximum : Up to 85% of the purchase price. 100% mortgages are available if the property is purchased at a significant discount.
Regions: Any region in Turkey.
What type of mortgage is available and what is the term?
Repayment basis only for a maximum of 20 years - up to age 75. Maximum term is 20 years.

What proof of income do I require?
Required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available).

What is the current rate of interest?
From approx 4.80% fixed for 10 years in Japanese Yen or 6.40% fixed for one year in Euros. Sterling rates start from 7.90% fixed for one year. Longer term fixed rates and tracker rates are also available. Contact us for a full breakdown of rates we have available.

Do I need Insurance on the property?
Yes, it will be a condition that your building insurance is taken with the mortgage lender.

What currency can I borrow in?
You can borrow in Japanese Yen, Swiss Francs, Euros, Sterling or US Dollars.

What if I have adverse credit, like late payments, CCJs or defaults?
Please still contact us – we have an option for you even if your credit has not been perfect in the past.

How to Apply

In order to obtain a decision in principle, please complete the online application form Once approval has been given, we will then arrange for the lenders completed application to be send to you for signing and returning with the necessary documents :
Certified copies of passports.
Proof of income.
Self employed – 2 years accounts and tax returns.
Employed – 3 months payslips and latest P60.
Last 3 months personal bank statements.
Current loan or outstanding credit statements.
Latest Mortgage statement (home loan).
Business accounts and last 6 months business bank statements, if self employed.
Credit report. If you have adverse credit, please still contact us – we can still assist you.

THIS IS THE MIMIMUM REQUIREMENTS AND THE LENDER MAY ASK FOR FURTHER DOCUMENTATION TO BE PRODUCED BEFORE ACCEPTING A MORTGAGE LOAN FOR OFFER.

Mortgage Process

The 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.

Mortgage Types on Offer

RE-PAYMENT MORTGAGES (CAPITAL & INTEREST).
MAXIMUM TERM 20 YEARS, WITH AN AGE LIMIT OF 75 YEARS.
LOANS AVAILABLE IN EUROS, SWISS FRANCS, STERLING, JAPANESE YEN AND US DOLLARS.
FIXED RATES FROM ONE YEAR TO 20 YEARS ARE AVAILABLE. TRACKER RATES ALSO AVAILABLE.

 
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