Turkish Mortgages are available for UK and Irish Nationals (and non-UK Nationals on a case by case basis) for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered - contact us for further information.
Type of Turkish Mortgage: Repayment basis only
Minimum: €40,000; Maximum: €200,000 (larger amounts may be considered on a case-by case basis), but must not exceed 80% of the valuation or purchase price (whichever is the lower) in the Turkish Riviera & Istanbul only. Mortgages in other parts of Turkey are dealt with on a case-by-case basis.
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: Maximum 20 years - up to age 75
Currency: Euros & Sterling only
Current Interest Rate: from approx 5.90% fixed for 1 year in Euros or approx 6.90% 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
Example Turkish Mortgage in Euros: Repayment Mortgage of approx €80,000 over a period of 20 years at an initial Fixed interest rate of approx 5.90% = approx €577.00 capital and interest per month = a total approx amount payable over the term of €141,320 including capital, interest, arrangement and survey fees
Further Information About Turkish Mortgages,
Please note, that non-status/self-certification Turkish mortgage facilities are not available through the lender. All applications need to be supported by a minimum requirement of proof of income. If employed, copies of your last three month's pay slips & your latest P60 and an Employer’s Reference together with copies of your last three month’s Personal Bank Statements will be required or alternatively if you are self-employed or Director of a Limited Company with a shareholding of 20% or more copies of your last three years Audited Accounts plus copies of Personal Tax Returns for the last 2 year & copies of your last 3 Personal Bank Statements will be required on application.
Please note that it will also be necessary to obtain a copy of your credit file via Equifax or Experian.
The Turkish lender will NOT take into consideration any proposed Rental Income from the property for Turkish mortgage purposes/repayments.
Your mortgage in Turkey is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance (ie: Divorce) payments together with your proposed Turkish mortgage payments must not exceed 45% of your net monthly income.
Example: Net joint monthly income £ 2,500 times 45% of that figure is £1,125 minus existing monthly mortgage payment £ 700 – No other liabilities. This leaves a balance of £425 for a proposed Turkish Mortgage payment.
Posted as sent to me by a financial consultant.
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