Mortgages for buying property in Turkey
- if you are considering buying a property in Turkey, mortgages
are available for the majority of Nationalities for either House Purchase or re-financing
for other purposes including Home Improvements.
-
Interest Rates
from: 4.8%
-
Type of Mortgage: Residential purchase, Buy-to-Let, and Re-Mortgages.
- Minimum: €25,000 - no Maximum - and must not exceed 80% of valuation or purchase
price (whichever is the lower)
- Proof of Income: 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).
- Non-Status loans are currently not available.
- Term: 20 years maximum
- Repayment Method:
Repayment mortgages (Capital and Interest) or Interest only
(restricted availability)
- Max Age: 80
- Currency: Euro
- Your Loan is based on your joint net ‘take home’ pay. All your existing liabilities
including any mortgage/rent payments,
personal bank loans, credit card payments
etc together with your proposed
Turksih mortgage
payments must not exceed 35% of your net monthly income. PROOF OF INCOME IS NORMALLY
REQUIRED
Additonal Info : Maximum loan to value 85%. Affordability based on liabilities and
new mortgage not exceeding 55% net income.
If the property is to be rented out Interest rate increases by 0.60% for the duration
of the loan.
Repayment terms ONLY (no Interest only available) of 5 to 20 years
Minimum age: 24 upon application to Maximum age 75 upon completion.
Staged payment funding available? No, mortgage funds will not be released until
the construction of the
Turkish property
is fully completed and legal registration of the Turkish property has taken place.
Re-Mortgages? No, we cannot assist if
the
Turkish residential property
already has a mortgage on it.
Equity Release Mortgage (from existing Turkish Residential
property)? Yes, but ONLY if the property is 'mortgage-free'.
Affordability: 45% of NET monthly income - less existing monthly
commitments (if clients also have existing 'buy to let' properties, then the rental
income received from these, must cover a minimum of 120% of the monthly mortgage
amount due). Incomes NOT considered: Incapacity or Disability benefits, Maintenance/Alimony
or existing Rental Income. Incomes considered: All employed salary & self-employed
incomes only.
Eligibility: Only EU passport holders & UK or IRISH residents ONLY
& applicants with 'clean credit history' - no existing Defaults or CCJ's.
Maximum number of applicants: 2
To receive further details on
mortgages in Turkey
or to speak with one of our mortgage consultants please complete your basic contact
details on the form by clicking on the link below so that we can supply you with
the relevant information.