English

01.04.06

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

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